How many people have you heard this from?

I actually felt like Jim Jones or David Koresh would pop out and recruit people for Waco/ Mt Carmel or Jamestown. 

If not, please help me identify any errors or anything I missed and need to also account for.1031 Exchange ImplicationsE.

Certain states do not allow your primary to be foreclosed upon for other judgments (for example I believe florida is one of those states) - they can still get a judgement against you for the delta though.But yes this is a concern that every person should realize, which is also why you see many of us here on BP telling people to make sure they have adequate down payment and reserves before they get into something they have never done before.

Do what wealthy people do.

Don't worry about 'rules' as they are guidelines some people use to get a quick idea if the property works. 

Keep in mind that many people are expecting rates to go down in the next couple years.  

You will find people there talking about the market in real time.

Some people are trying to save $10k on the project but it cost them 2 or 3 months and they have a lot of time on task, and a lot of personal overseeing. 

I hear people are dying to move in.....