I will say that I learned more form that mistake than any of the books that I've read since.

Thanks Jacob,One mistake i made is that the current mortgage on the property is $1,405.

Don't make a mistake here!

Having cards from all different banks is essential for mitigating the risk of worst case scenarios (i.e...house sits on market or flip is a FLOP).  

This was my first property and I got spoiled on this so now I will only do a deal where my worst case scenario is no less than a 20% return.

I've made some mistakes -- one took a very looooong time to sell -- but mostly come out okay.

The average is .65-.75 but planning for the worst I put in .50.

I stumbled into real estate investing out of college (a long time ago now :) in Nashville when you couldn't go wrong and made some big mistakes early on that turned me off to the idea for over 10 years.  

Large mistake I seen professionals other professions commit.

I work on call so I have most of my weeks free and can write, build websites, and a variety of other skills at hand.I'm most interested in commercial real estate and multifamily properties right now, but any area would be great to participate in.Hopefully this isn't the absolutely worst area to post this.