Well, I didn't mention the paper jams, letters and envelopes printing off-center having to fix those and reprint and if that doesn't work using good ol white out or in some instances handwriting the fixes to the letters/ envelopes.

The paper said you could do this with no money down, no experience and even if you had lousy credit.

Everybody looks good on paper until you do a background check. 

I recently purchased a property at a Trustee's sale on a first deed of trust with an original amount in the $600K range, but the total unpaid balance had grown to well over $1 million!  

So I'm doing major rehab of a 5 unit in San Diego and scratching my head on one particular "feature" of the buildings.The ceilings are really nice vaulted open beam ceilings with stained ship lap tongue and groove finish between the bay's - it's visually the nicest part of the units.Turns out the roof is - literally - 1x6 tongue and groove, then 1/2" sheathing, then roofing paper, then shingles.

However, if you had that kind of money to invest why would you not lend the cash to flippers with secured 1st lien position and make 12% for just making paper transactions??

who just bought the paper from him.

Know how to compute an APR, notes are on a 360 day basis unless otherwise stated in the note obligation.Know your collateral, that really means you need to master real estate principles, be able to appraise a property in your sleep from paper, hopefully a current appraisal or at least some good pictures.

Honestly, judging by the price and market rent, this class of rentals will look a lot better on paper than in actuality.

It is all about processes and procedures immaterial if you are using QuickBooks or paper/pencil.