Some of these areas have lower purchase prices but solid rental demand, making them ideal for strategies like BRRRR.I spend my time scouting off-market distressed properties, and I’ve noticed that investors are having a lot of success in secondary cities just outside major metro areas.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

To continue with the 8-unit example, you again end up spending many multiples of these costs to build a comparable portfolio of single family properties.Another disadvantage of single family properties is that there is only one tenant per building and if they stop paying or if there is a vacancy, the entire cost of that property is on you and your wallet until you can fill that vacancy and get the rent coming in again.

Spend the $25,000 on a deal not a consultant.

If they are struggling then money they spend in one area affects their ability to pay other bills like rent.

However, I’ve witnessed cases where the investor went “all in”, spending and losing many millions.  

We've started looking into real estate because we want to use our valuable time to invest in our kids as they grow and invest in our local community through volunteering, not spending all of our time working 9-5 for the next 20 years.Our goal with Bigger Pockets for this year is to determine our plan for investing, and then make our first purchase.

That's understood.Page 19, Two faces of Debt: Federal Reserve Bank of Chicago - "banks exchange a borrower's "promissory note" or "security" for a check that other banks can deposit" (so the note is funding a check) same page states, "...the borrower can spend the deposit acquired by borrowing"... 

How much will you spend in repairs on a 1920's house with renters ? 

@Wells H. you can spend DAYS driving through Detroit!