So far I've got seven prospects in a week but none panned out or even wrote back to me after I sent them an initial email.  

Florida is an unusual state, there are 4-5 distinct markets for real estate and each has its own characteristics.Tallahassee / pan handle - unless you are from there, I do not recommend itNorth Florida (Jacksonville) and as far south as Daytona - I am bias, I am from there and have great cash flow.Orlando - It is getting overheated - hard to cash flowTampa - There are still good opportunities to cash flow.Miami - Looks more like other big east coast cities like NY, LA, SF, DC.  

I learned a bunch doing this and my grand vision of having an easy 30k to spend on another flip+buy/hold did not pan out.

Let us know how this pans out plz.

@Jason Hirko,How did your section 8 properties pan out?

We pretty much did everything to this one: new tin roof, new vinyl siding, complete kitchen remodel, new carpet and paint, bathrooms remodeled top to bottom, etc.

You'll most likely have to prove yourself to them over time since there is no shortage of people with no money and no credit that claim they want to be in real estate and promise to be an asset but just never pan out and end up being a waste of their time once they realize real estate is not fun and games and cashing rent checks but hard work with a lot of rejection along the way.

I believe the newer ones are supposed to have drainage pans to address damage like this.

I don't see Hamilton or KWC being effected by anything short an economic disaster and a complete reccesion.P.S Roy if you're ever in my end of Ontario I would love to grab a lunch or coffee and debate some real estate,I always like seeing things in different light.You may disagree, but no real estate prices in any market - whether it be local such as Hamilton or Waterloo, regional (Niagara Peninsula), provincial, or national - cannot continue to diverge from the underlaying economy in that market (specifically household income) indefinitely.I'll poke the bear a little more and say there is no "ideal CAP rate" when you are acquiring ... the only time we look at CAP rates (or PE ratios in other business) is when we pan to sell as it lest us know where we can price the business.I'm guessing your young enough to have yet to operate through a serious downturn ... that's when I'll be interested in that coffee ;-)

I realize that the deposit/earnest money is only if offer is accepted, but if the contract does not pan out and Fannie Mae has reneged on the contract for whatever reason (unknown issues with the title or liens from unpaid utilities etc.) then I want to make sure I receive my money back.