Another scenerio that effected me once was when a property caught on fire and damaged my property next door and others. $500k would not have covered that owners liability in the situation.

Would be happy to share about my experience and connect if you are interested.

Alternatively, you may need to factor in a larger repair budget to address the vacancy issue, effectively eliminating the risk. 

I would also like to do my first business deal with somebody so I can learn an gain experience from that person.

Having realtors, lenders and repairmen willing to give you time and cost effective services requires the surety of more work.

If you have no money now and no experience this is all a very big pipe dream..

You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

From your experience, how do you feel it's come a long way?

Here is how I see it:Private Money Lenders:Companies: These companies give loans based on the value of the property and the borrower's financial situation.Individuals: Wealthy individuals usually care most about the property and the borrower's experience.

I started in 1999 working with a Broker/Developer and it was the greatest experience to learn the business side of Real Estate and development.