Then his ability to fund the rest of the project dried up.

The property needed a roof, major plumbing and electrical repairs, total kitchen and bath rehab, had severe dry rot, and water damage.

You need to be 100% sure you can hold on and ride the wave all the way back up, without getting bled dry by your "investments" In the meantime, it's not a terrible idea to get some experience by picking up a few rentals - especially if you can do it without depleting much capital, such as via BRRR strategy.

It's getting easier every day and I'm excited to pull the trigger soon.  

If you have them running a bunch of searches but never actually close on a deal and give them business, you may find that source dries up quickly.

It reminds me of when I didn't pull the trigger on  4-unit REO in a depressed SoCal market and I was using FHA.

I researched this for months and was very close to pulling the trigger.

Finally, you have the real estate market being fueled by these other two frothy markets, plus foreign money that may dry up courtesy of the Chinese economy that looks like a bubble in the process of imploding.  

He claims the loam processor told him as long as appraisal didn't trigger hoa questionaire then no issue.

He claims the loam processor told him as long as appraisal didn't trigger hoa questionaire then no issue.