The singular focus on cash flow is a classic newbie trap, but it often takes years before they realize how bad their situation really is.

It follows the classic 1% rule (rent is 1% of the purchase price)--or is that the 10% rule where yearly rents are 10% of the purchase price...I never remember.

Classic.

This was intended to be a classic BRRRR deal but now that I am at the end of the train I had a lot of trouble finding someone to refinance the house 70% LTV or even close at a reasonable rate.

However, your landlord client neglected this property for A WHILE and in that time 3 squatters Have comfortably found their way into the property and turned it into the classic hoarders home with animal droppings, fleas, and trash from front to back.

I just wish local appraisers were as optimistic as our tax assessors who inflate (taxable) value beyond comprehension.A colleague spent 3 months & a lot of money rehabbing a classic old home only to have it appraised too low.

You mentioned passive income - John Schaub's "Building wealth one house at a time" is classic. 2.

This is the classic BRRR approach.

But toys that I have spent money on are  pinball machines,  a classic car,  etc.  

A success that comes from overcoming obstacles and finding creative ways to get involved in real estate investing.In 2014, I set out on a journey that had all the makings of a classic boondoggle.