The concern with places like Irvington will be once you move out and no longer owner occupy how do you raise rents legally.   

I'm definitely still looking at it, but one concern is the population growth, it seems to be decreasing slightly? 

 - a study on rent cost compared to ownership cost shows that virtually every large city market it is initially cheaper to rent than own (I believe is was cheaper to went in 97 of the largest 100 markets)Miami and Florida have extra concerns:- insurance difficulties have resulted in large increase in insurance costs.  

When I spoke with BFI on the phone earlier this year, it seemed like they were concerned with licensees engaging in unsupervised activities like private and commercial lending.

Many other projects have reduced or suspended planned CF distributions and I've also had a few capital calls in which I did participate since the business case still made sense (the MF in Florida had a capital call to finish construction and get through stabilization and it still returned the 32% IRR).I expect almost all of the deals to be OK, just later exits than originally projected.I am very concerned about one project and have already written it off in my head.  

Beginners I would say, meaning first-time flips, are below 50% for sure because you never hear from the failures again.

Sharing your concerns can help others learn and overcome similar anxieties.

In this way, I never need to be concerned about justifying my charge to their deposit because the damage is clear and obvious. 

I could care less what happens to the prior homeowner or if they go after him, as far as I am concerned.  

Start with BiggerPockets Ultimate Beginners Guide (free).