That is the biggest mistake tenants make when they are unable and don't plan to pay is staying in the property.

Biggest part of the challenge is jumping in and doing it, you did that

The biggest watch out is property taxes - that part of town, esp newer developments, tend to have higher tax rates due to MUDs/PIDs/WCIDs.

"I noticed a lot of short sales popping up"My biggest issue, if it is listed, is the RE agent is almost always a rep of the owner and NOT the bank.This means that an owner just wants out, but unless the broker is working for the bank, you'll probably have to do the due diligence of finding the right person at the lender to approve the deal.  

The biggest question is just the debt. 

Only downside is the interest rate may be higher than a conventional mortgage (I was getting quotes of 3.99%, 30 year, amort. with 25% down). 

@Anthony HomThe biggest difference is likely the upfront workload to find decent properties.

He teaches these things very well, there's way too much to distill it down to a forum post.My biggest thought is don't try to do the whole thing on your own right off the bat.

Bill, as mentioned above, the biggest challenge would be the zoning. 

The downsides of flipping full time for me were man-sitting contractors that even the better ones were on their own timeline.