One must continuously develop a plan/strategy that is aimed toward fulfilling short and long-term goals, make mistakes and learn from those mistakes, and stay persistent in the face of (sometimes overwhelming) resistance.

I don't trust someone to vet potential tenants as well as I do because in the end you will pay for their mistakes.

For just about anyone who is an investor, I'm 99% sure that I can find some type of mistake.

The underwriter made a mistake that almost cost us the lock.

I have made a lot of mistakes financially and have terrible credit.

IMB also made the mistake of taking the riskiest of tranches on their debt collateralizations (sp?).

When you make the inevitable mistakes, you won't be making them with family money.

I guess what I really want to know is, what is the best way to go about this brand new experience so that I make the least amount of mistakes?

It can be mistakes during purchase, rehabbing mistakes, selling mistakes or any other mistakes you think will help others.I'll start with three mistakes I've made recently (and the lessons learned):1. 

However, even assuming a recovery occurs you are making a mistake if you try to evaluate property values in the Midwest and particularly Detroit based on values in the Northeast.