I would imagine there are many investors, first time or otherwise that would have a much different experience and I wouldn't say that a first time investor should start in that area unless they can stomach the potential losses that come along with the risks.  

If I could not stomach making so little for such a large amount of work, I would refi at the highest LTV that someone would finance (maybe 80% LTV) and suffer the negative cash flow to have the access to the cash to hopefully use it to achieve a return that far exceeds the negative cash flow.  

There is absolutely no way I'd open that fridge again but I have a weak stomach and would most likely throw it away just to avoid the filth inside it.  

However all home buyers make a best determination of the right home for them by sacrificing or prioritizing at least the following factors: price, size, condition, and location.Typically budgets are fixed so you'll have to decide to buy smaller or in a less expensive location if you can't stomach the condition of the home you are considering (assuming your realtor didn't let you make a major mistake on your offer price).

if you don't have the stomach for rehabbing or distressed properties, single family homes is the way to go.

Essentially, portfolio lenders are the folks to approach if you are looking to work around that seasoning period as they have leeway over what risk they are willing to stomach for the note rate.On the flip side, correspondent lenders play by a different set of rules.

A lot of its coverage is geared towards very very large deals, but it's a truly massive database, so there's good information there if you have the stomach to sift through it all/pay the annual fees. 

I know you stated you are risk averse so this might not be the best or easiest option for you, but if you can stomach it then the returns are worth it. 

And I don’t think basic ordinances are bad, however it’s a lot to stomach that all your investment money could be tied up in something that the govt has the power to shut down tomorrow if they wanted

However, it had a similar effect on sellers, many of whom cannot stomach selling a home with an extremely low-rate mortgage just to buy another a 6-7% rate.According to the Wall Street Journal, “Almost 70% of households with mortgages have rates below 4%.”To drive it home, though, take a look at this chart of median single-family prices in Austin for 2022 (including December so far):The median single family home sold in November for around 20% less than the median home in May 2022, which appears likely to be the high water mark for some time to come.