But if “by doing” he means investing without first having the knowledge to KNOW the risks, EVALUATE the risks (and potential rewards) and to TAKE ACTION to reduce the risks then the cost of this learn by doing education is probably going to be significantly more expensive than a degree in real estate from MIT, let alone reading the\ree or four texts on your own.  

For those of you experienced in finding undervalued properties, what are the biggest risks and rewards you've encountered?

If you want to be a lender, you need to consider the risk/reward. 

Paying above market to gain other benefits is sometimes a difficult pill to swallow, but for the unbiased investor looking for the best” ROI the risks and rewards must be analyzed rationally.  

Was an awesome experience and very rewarding to this day. 

They have to recognize risk versus reward.  

Very rewarding.

It is rewarding when I receive repeat investors or referrals.

May your journey be rewarding and profitable!

I guess what I am saying is don't let a few thousand dollars at the front of the deal get in the way of the reward you will reap at the end of the deal.