Average rents are $1,250 (Again Zillow) Easily a losing propostion.

Even though I wasn't a good asset manager, I made money on my properties. 

You can still lose your investment in the LLC.

Quote from @Dan Mcguire: One reason not to invest, is not to lose money.

The marginal returns drove me to seek other strategies.So, this is not a "bad" deal if you consider it more of a learning experience than one that will make you a lot of money. 

If winds are 100 mph then you lose air support while embers gain massive trajectory.

There is still a risk: You do not have the right outprice and lose money, your deal goes south due to unfound things when you bought it, then the rehab phase brings them up, and you spend more, and the market changes, which is something that can happen on a moment's notice.

You don't need to make all your money on your first deal.

If the deal goes south and you have next to zero money in the deal, selling a short sale or walking isn't as risky for you since you aren't losing much.

@Bruce Woodruff points out you can lose all your money and more.