You may fall flat on your face or the coach may inexplicably call for a pass on 2nd and goal, when the entire defense is bunched up into a solid wall on the goal line and the championship is on the line, but you're at least guaranteed to learn a lot in the process.

This would provide a solid base of income aswell.

Congrats that sounds like a solid deal..

That's a solid indicator that they overpriced it...which will at least give you an idea of what it isn't worth.Sounds like a very unique/historic property, which may limit your pool of potential buyers.

Experienced rehabbers who are putting significant amounts of their own funds into solid projects represent much less risk than inexperienced borrowers who do not have their own financial resources.

They must have solid systems in place to get the right tenant and check up on those tenants.

I think his stuff is pretty good, his later books seem to have more fluff and less solid material. 

Does anyone have solid recommendations and/or testimonials?  

Acquisition phase, maintenance phase, disposition phase (if I'm remembering the terms for the 3 parts of the cycle correctly).If you're early on in career and looking to increase portfolio, should cash out and buy more with relatively high leverage (while being sure to have solid cash reserves on the side of course).If you're middle career and looking to just maintain portfolio and don't need cash flow from properties, then focusing on building equity in existing properties by using cash flow to pay down loans make sense.Then end career dispose of assets and the sweet equity you hopefully built up by selling outright or owner carry or whatever.I personally would cash out and buy more with leverage, but that's someone in acquisition mode bucket talking.

Unless it's a super solid referral who I know is a serious buyer then I ask them if they've met with a lender or plan to pay cash right up front.