The two biggest drawbacks for me in buying a townhome are the HOA dues and how much is in the sinking fund.

Otherwise, I never found a deal on loopnet where the asking price was right nor where I could make a good profit.Is is absolutely imperative that you have a broker represent you, but always remember that even your own broker is not going to tell you the downside of the deal since your own broker would lose out on a huge commission.

My biggest take-away from it all, was just make a move; do something; find a deal.

Not so much because of their terms, but because it's been the biggest headache of the entire process.

The biggest thing you can do is work on building your network.

One of their biggest issues was that they were not on town water and sewer and were going to have to dig a well to service the showering and restroom facilities as well as build s septic system to handle the proposed traffic.

And two of these are my biggest money makers so it was worth the risk.

Essentially, the downside to a HELOC is that you're paying a rate higher than most purchase loan products out there.

The biggest fear I would have if I were you are the unknown-unkowns of someone who has never done real estate before.

And this will help you protect your downside and that is something that you need to think about.