I've literally never seen anyone fail who put their mind to actually making this work, the worst I've heard of is someone getting evicted twice, however I have seen tons of people foreclose on homes they bought and go bankrupt. 

On the other hand, I don't want to spend the next four years saving and prepping for a 'worst-case scenario' which may never happen.Was $10K as initial reserves enough?

Find something where the worst case scenario still makes money and buy it.

The "Guaranteed Rate" is nothing more than the insurance company's worst-case interest rate scenario.

At worst it's fraudulent."

Always analyze in the worst case scenario and do not assume that anything good will happen in the future. 

@Isaac Hebron if you have friends like that why do you need enemies....lolFriends are suppose to help you not rip you off.I think it’s easier to get prepared for investment rather than lose $5-15K every now and then.HELOC is a great option but you have to plan ahead and get it before you start looking for houses.Credit cards with 0% for 12-18 month with 2-4% upfrontHML charging 9-11% for 6 months plus upfront fees - the worst source of money I never used but still better than your “friends”.When you buying a cheap property ($35K) you have to plan ahead.

I just used Zillow since that number would be worst possible situation for the ARV.

Investment Info:

Single-family residence wholesale investment in Seven Lakes.

Purchase price: $1

Cash invested: $1,028

Sale price: $40,000

Abandoned 4 bed/2 bath in HOA. Wholesale. Double closing...

Everything I have seen on BP about Cash Back at closing has been shady at best and illegal at worst.