@Jason Carrillo you mentioned old houses, and it sounds like you're suggesting that old houses automatically come with more risk/headaches.One of the biggest misconceptions by inexperienced investors is that new houses are inherently less costly, and less headache to maintain than older houses.

In addition you missed the 2 biggest cons: high initial entry (there are ways to get around this: owner occupied LTV, Owner financing, subject to, BRRRR, etc) and poor initial cash flow (there are ways to improve this also:  rent by room, STR/MTR, house hack). 

The biggest mistake for example, if you believe what I said 100% at face value that you will be a guaranteed millionaire, in real estate very hard work is required.

The biggest thing is take action! 

The biggest price declines have occurred in areas that had the most rapid/highest price increases and the most expensive markets. 

Now, financing is my biggest concern.

Biggest difference is going to be the tradeoffs (which has pros and cons) of lower rates and fees but much more hassle, paperwork, time suck and potential for deals not working with strict requirements (conventional) vs. hard money (higher rates and fees, but much quicker, much less documentation and time and hassle, and a much lower likelihood of deal dying - hard money lenders can be much more flexible)

This is the biggest reno project I have done to date.

My biggest piece of advice would be to really dial in on what your strengths are and what you can bring to the table when getting into the game...

The biggest things I took away were 60 day notice (2 full months) to modify rent or terminate and leases that offer the most LL protections are 6 months or 12 months because you can terminate without cause (if occupied less than 12 months) with 2 full months notice.