It would be smart to position yourself to make fees on transactions because I think we're going to see a big run up here shortly.

If I was looking at the property as strictly an income property, it wouldn't have been a smart decision.

However I don't say this is career ending in anyways, theres ways out of bad deals if you are smart and have the energy to deal with it. 

- You don't "fall in love" with a loser - You evaluate it based more on the numbers than anything else - As long as you are smart and get inspectors, appraisals, contract bids from a team you trust, you know just about as much as someone who walks the property - Perhaps most importantly at this time, you can make a decision faster.I don't recommend doing this for uneducated investors or those without a solid team. 

Be honest that your a young guy trying to make smart financial decisions and put down roots.Second, building may be an option, but not necessarily an easy or inexpensive one.

Experience is the only thing that removes fear IMO.I will say,  before my partner/husband, I had always thought about it, and knew it was smart, but feared the logistical part of it as I have no rehab/construction experience... aka paying contractors $$$$  (expenses getting out of control)... so when he came along, knowing he could do all the construction aspect, and I could figure out the financial side, it was a great match and here we are!     

My brother just listed his second place and had the nightly rate cut by $5-10 (from smart pricing) and was showing up on the third page.

Ok, so the smart thing here would be to do a lot of reading, start out small and see how I do, and if everything works out gradually work myself up to multiple units.

The smart thing to do is lock in $2M of mortgages at 4% for 30 years and arbritrage that money to beat the bank.

Definitely a smart move.