Now investors, especially the newbies, are chasing returns by going after higher risk investments - many NOT really understanding the true risks.Many more investors will be losing money and choosing to liquidate real estate - which will be buying opportunities for the better prepared investors.

Quote from @Matt Meier: If I were to do this, wouldn't the lender lose out on their commission? 

This would be my first real estate investment, making the decision even more critical.I understand that backing out would mean losing the $2,000 earnest deposit.

Hope you don't put down large earnest money deposits... these guys will make sure you lose them! 

Not sure which markets you're considering, but if you set your sights on the coast I can help with local lenders, attorneys, tax pros, etc. 

My broker advised me to "bite the bullet" and close the deal, telling me that I should be glad I wasn’t losing money on the deal.

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

If the 1st then goes into foreclosure, you are in deep trouble, you have to pay it off or lose your money on the 2nd AND lose the property. 6.

So infilling an income gap via people who can disappear just as easily as appear seems short sighted to me. 

Just try to sell it to someone else for anything so you don't lose all of your money.