I listened to a podcast recently and the guest was asked what the negatives are. 

Hi Everyone, newbie here....I've been searching on Loopnet (free account status) for small multi-family (4 - 12 units) properties in Texas.  

The laws in many states and towns will soon prohibit you from having more than one property as a homestay per city, and possibly require it to be your primary residence.It can be a lot of work to do daily/weekly housekeeping, guest check-in & out, and the HOSTING that i provide like touring them around the city or making breakfast.

I think I'll get a guest pass and attend one of the events and go from there.

I have watched many new to the game jump head first into a snake pit thinking it was a gold mine .

We've been able to keep our private lenders updated on the status of the project and so I'm now using those updates to bring everyone up to speed on our Belleville (NJ) project (and hopefully educate a few people in the process).

When I listen to the podcast, sometimes the guest says they use "cash," but really mean hard/private money.

@Michael Anthony you didn't mention your family status, but if you are single, and don't have to consider school zones or what makes a significant other happy, you can do a live in flip every 2 years and take tax free profits up to 250k every time! 

yes, we just attended Tarek and Christina's free seminar, their $2000 3-day weekend workshop in Ft Myers with "Fryman" and the next level a $10k 3-day boot camp with Gary Russel last weekend.At each stage, you get nuggets of gold (info, details, how-tos, tips) but you have to sit through a lot of "rah-rah" nonsense.  

These things sound great going in but when something goes bad that is when the upfront agreement is worth it's weight in gold.