These tips are extremely helpful. 

.@ Anthony Dadlani, stay tuned I would love to have some prospective properties for someone with experience to review.I did miss an opportunity and could kick myself b/c I did not pull the trigger.

I've never had any experience and any tips on how I can go about this would be extremely helpful.

If I were you and had a really low financial risk (section 8 income) and a property manager or a family member that could act as a property manager I'd pull the trigger.  

Mostly, up till this point, two things have kept me from pulling the trigger on really diving into this.

I would still recommend, at a minimum, having a realtor provide you comps.Also, do you have reliable buyers ready to pull the trigger once you rehab it?

This could cause prices to inflate to SF levels.Cons: HOAs are extremely high making most properties in Adam's Point cashflow negative.

We were advised multiple times that there could be an extremely long waiting period to hear anything back from the bank but not much about hold ups after the bank accepts. 

Also, a friend of mine used them for a small project when their property manager gave a WAY HIGH bid for a repair and they were extremely happy.

Smart, kind, generous, and extremely hardworking.