And you have only cash flow to pay for it, because there will be very little principal pay down, appreciation (forced or natural) or tax benefits.My suggestion is if you buy in this price range, focus on capex and condition, find a property that has recently been improved, so you can cash flow it for a few years and sell it before you have to spend money on it!

Natural if possible, but propane would still be a good investment.

Expecting to make money off of a persons basic need and then using that need as leverage to basically force people into submission.There’s no concept of fairness in the nature.

FHA is for owner occupied loans in good condition, hard money is for homes that need rehab. if you can buy with an FHA loan then there is very unlikely to be any additional value to add and then extract.

Or should I be staying away from projects like this for my first property and focus on finding something that doesn't need too much work that would still slightly cash flow (when I'm not living there), and has a potential to appreciate naturally?

Brandon Turner also says to focus on friendships, and mentors naturally come.

Lessons learned are very lengthy, but here's the short list: Always check flood zones, work with a contractor that is used to working with the city and pulling permits, work with a contractor that is used to working with residential properties versus commercial, schedule regular meetings with your contractor to check on status and hold accountable, be sure to consider permitting time when calculating holding costs, and lastly, be sure to have reserves in case of natural disasters (i.e COVID)

Lessons learned are very lengthy, but here's the short list: Always check flood zones, work with a contractor that is used to working with the city and pulling permits, work with a contractor that is used to working with residential properties versus commercial, schedule regular meetings with your contractor to check on status and hold accountable, be sure to consider permitting time when calculating holding costs, and lastly, be sure to have reserves in case of natural disasters (i.e COVID)

Human nature is the killerHuman nature can be greedy, impatient, egotistical and fearfulIf I called somebody `averagely intelligent`, for example, it would be considered an insultIt is normal to think you are smarter than others, and can time markets, and can use `research` to beat the market even though it is all publicly available information4.

Hello BiggerPockets Forums,My husband and I have begun looking into real estate investing as a way to extract ourselves from the 9 to 5 rat race.