You have to take that leap into the unknown, and keep taking more after it, and you could ruin yourself.

I expect to leave all of my money to the kids and charity when I step off into the cosmic unknown :)Also: the question was do you worry about your kids? 

That's 290k (primary condo) + 140k (investment condo) which earns 16k/year and paid all of the primary expenses.That's a powerful level of protection and security against unknown economic disasters that Scott is referring to and is good, but not maximizing returns for the purpose of early retirement.

Also, how to check the water meter for unknown leaks so they don't ever end up with a huge water bill since they're paying for it. 

Sure doesn't seem like it to me.I think you are creating tremendous risk for your sellers, who would be far better off facing foreclosure now, where they at least recover some of their equity, then risking an unknown buyer mismanaging their asset as part of a huge pool, creating the very real risk that they may still have to face foreclosure in the future, at or below the current asset value, and after they thought they had moved on from the deal.And, to answer your question about what should the little guy do... though, as we've already established, you are attempting to get 100 of these deals... it seems like you have the means to purchase three deals in a matter of months.

This would put my conventional mortgage at 15-1600 a month with unknown costs for repairs to get the 6 unit functioning.  

Being that I own it outright, and only need $125k (budgeting for unknowns), not many hard money lenders have been overly interested.

Being that I own it outright, and only need $125k (budgeting for unknowns), not many hard money lenders have been overly interested.

Many sellers will entertain a higher (or full priced) financed offer to purchase with a Pre Approval letter, since it alleviates some of the unknown variables. 

Otherwise you always have the unknown of big changes  My purchasing criteria is to buy in the area with the strictest housing and STR regulation and a few miles from the Hilton resort.I guess 50% of my Airbnb book is from US traveller, the rest are European and Japanese travelers.