There is one thing to be very cautious of there is a street over there in that area that runs east and west called willow.

I've been advising my clients to be cautious and to have a backup strategy when they are buying homes with the goal of turning them into short term rentals.  

One word of caution is to be cautious of purchasing condos as rentals. 

Maybe I am just being overly cautious.

I also know a lot of experienced investors who have been selling for the past year or two so it kind of makes you wonder.I'm trying not to generalize here, and you clearly have some experience doing some work so if anything I think that could help you out if you get in over your head, but generally speaking this is the environment to start being cautious, not getting caught up in the fever.I do think that the Fed's recent change will buy us some more time, maybe a couple of years, but markets are based on human psychology, which hasn't changed, and I still think caution is warranted now.In any case, the offer is in, and if it gets accepted and the source of your down payment passes muster, given that you can do some work yourself it'll probably all work out.

Be cautious of jumping on a deal that's overpriced.

But I will be cautious and do more due diligence prior to pulling the trigger.

But if I'm in a rural area or somewhere with slower and steadier growth, I'd be cautious.

You should be more cautious in this. 

I do want to get into real estate - but I think learning about it first... maybe picking up a book, reading on here, or talking to someone with experience... might be a better first step than running out and getting on the hook for $400K.Am I too cautious?