It's probable that your real estate investment career will be replete with setbacks and successes, both of which will help you develop as an investor.

For anyone interested in buying or selling a property in Indianapolis, particularly in revitalizing areas such as Fountain Square and Fletcher Place, below is an Interesting article in this week's Indianapolis Business Journal about appraisals (see link).In short, with recent strong demand & price increases in some gentrifying neighborhoods, appraisers are quite cautious to give higher appraisal values for various reasons, including regulatory/legal reasons.Additionally, it is further compounded by the fact that sales prices and property values can change significantly in the matter of a few blocks in Indianapolis, so often it is very difficult for them to find true "comps".  

Many successful investors have faced setbacks and bounced back.

Small lot with no setback are some cons. 

@Jake GoehringIn my opinion, if you don't already have a source you can go to, (such as an attorney well versed in private lending and a CA mortgage broker who is licensed) to ask about legal, regulatory and compliance issues regarding residential lending in California, you shouldn't be contemplating doing it.

., or most other places, but there are differences in the financial, regulatory and taxation environments in which real estate is bought, sold and operated.Are your children old enough that you have an inkling of where they are likely to attend post-secondary eduction (i.e.  

Recently been focused on providing "Stated Income" commercial loans funded by hedge funds since the banking crisis and regulatory changes of 2007-2008.  

Setbacks- you can normally place them in areas you are not allowed to build. 

And I don't just hold others to my opinion but to regulatory compliance that is in black and white and known acceptable practices and an understanding of what happens next or the effects of what they do.So, Rob, while there is some business stuff in any business, RE included, it's really more about doing things legally, ethically and a good attitude toward people you work with.

The biggest set back is these houses are pretty sad.