And finally keep talking to people who have been there and learn from their mistakes so you can avoid years of wasted opportunity. 

Question about the Hillside house, I know in some areas of Hillside the whole block of houses seem like they need a bit of TLC, was this the worst house on the block or where there others like it?

The ending of 2008, and the beginning of 2009 the economy took a turn for the worst and I wasn't exempt from being totally wipe out of my business like so many of use was...

That's just the worst-case scenario, because:Your contract should have an inspection clause that gives you the right to inspect the property and to cancel the contract (and reclaim your earnest money) if you don't like anything about the property; and,In most cases, you will get to set the amount of the earnest money you pay.

No written agreement was your mistake.

Even if you own it free and clear, if you have a vacancy, you have an underperforming asset at best or a liability at worst.

The closing took place with both my seller and buyer in the same room (rookie mistake).  10- The title passed through me, straight to my buyer since my contract was assignable. 

Basically, I feel like I've survived the worst of it and I'm approaching the break even point so I should stick with it to reap the rewards on the other side rather than cut my losses.  8 years in the red, but 20+ years making decent cashflow.Thanks again.Andy

There is nothing like actually buying your first home and learning from that but you can definitely avoid many mistakes by reading and learning from others. 

If you had said "this company is the worst I'm never using them again!"