Sorry to others if this is a bit off topic, but Daniel Y. seems to be in need of some local HB perspective on this.

Hi Michael,Now might be a good time for a paradigm shift; look at the "big boys" as an example of successful real estate investors.  

I came away with in the trenches tips about remodeling a bathroom, properly inspecting a potential buy from a contractor’s perspective, property management, and pricing a rehab job properly.

I think your individual evaluation of risk tolerance will very much depend on your personal perspective, your age, the level of capital you have access to, etc.  

Bruce,Here's a paradigm shift.  

I'll offer a different perspective on the level of speculation, in that solid research and valuation techniques are absolutely within the investor's control.

But what I am really looking for from these forums right now are ideas about what to do that would give me some outside perspective on my current situation.

From a tax perspective, I wouldn't be surprised if your rental business "loss" money for the first ten years.

I have a question from the perspective of a tenant and want the opinion of landlords out there and their advise.

I also remember when talking to my closing agent, he said that he had a client that filed the paperwork for over 50 contracts - and my closing agent confided that he wasn't sure how many that client would actually close.From a numbers perspective, this seems kind of crazy.