Definitely no new cars or fancy watches for me in the near future, hopefully that will put me in a good spot a few years from now.

Spot on. 

Land for apartments are more available although one may argue that the prime spots in town are all overpriced. 

Thanks for all the info.Most sponsors have spots for sophisticated (but non-accredited) investors.

I was thinking maybe I could find the spot he wants, purchase it and then boom... instant cashflow again from a tenant.However, the issue is cashflow...

That way you will never have to replace lost keys and if there is a security breach you can change the combination on the spot and not have to worry about giving everyone a new key card.

Also ask him to look at MLS with you looking on and find the average days on market for similar sold homes.If the broker is spot-on with his answers and you really are priced right, I'd probably give him a short period to fix whatever is wrong. 

Not much work by big players or small rehabbers yet.The neighborhood still has a long way to go, but its proximity to highway access points, fairmount park, and still somewhat close to the train make it a good spot IMO for a long term strategy.

Keep reviewing and learning how to spot a good deal from a bad deal. 3.

Would Arizona be a better starting spot?