Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

A paid off property at 5-6 cap rate should also appreciate at about 3.4% per year on average, so my real estate return at 8.4%-9.4% is reasonably close to what I'd expect in the stock market, and the income is tax advantaged.

Also, be honest with yourself that the approach you describe is intended to take advantage of people who just don't understand what a terrible deal you are offering them. 

Regarding the deals you see listed after 2 years, sometimes investors choose to take advantage of the appreciation they've gotten and move it elsewhere.

being hands-on and local is a big advantage.

@Mindy Jensen Thanks Mindy, I have been ripped-off by contractors even from referral sites (some my fault and some they just took advantage).

@Catherine Javier If you find the property is more of a liability to you and ultimately decide to sell, the 1031 exchange would probably be the best way to take advantage of using the tax and find something with a greater growth potential.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

One notable advantage of preferred equity is the relatively lower risk compared to common equity.

There are several city programs that we are taking advantage of as well—tax credits, funding, etc.