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.

Howzit @Laine FurukawaThat’s awesome you’ll be moving back home.As far as local banks with portfolio loans, Bank of Hawaii and Central Pacific have done well for me and my clients.

@David Krulac   You got it David its a fabulous business there are many landowners in the Pacific northwest that live off of their annual harvest. 

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.

What's the process to achieve long-term success in RE and not be a flash in the pan?

This will allow for wages to increase so people can maintain the same cost of living in line with inflation, As we all know the cost of living has outpaced wages so this assumption doesn't always pan out either.Also look at various regions of the US, There's a reason why some of in CA get surprised when we come across someone that isn't making a six figure income and in other parts of the US people are surprised if someone is making more than 80K a year and they think that's really high.

Then consider the investment with establishing one on your own in Mission or Pacific Beach or even OB however I think Mission Beach and PB might have higher occupancy.

I charge $10 each if I have to replace the burner pans in a coil top stove.