Fixing the unit, depending on the damage and your skill set could run $10-15k or more.

Regarding finding that next property, I think figuring out an investment strategy that suits your personality, available time and energy and skills will be very important.

To answer the OP's question: Success is participating in any life endeavor with such skill and enthusiasm that others want to participate with you.

I don't live in the area anymore, but hope that with my attorney background and organizational skills, I will be able to manage this property from a distance utilizing the best team I can put together.  

You will want as many eyes on your deal as possible, and a buyers list will take time to compile, so you should start building that list now if you haven't alreadySounds like you're in the be ready to put your listening skills to good use!  

We have been reading and studying negotiation skills to learn how to present and structure deals better. 

@Seth Todd  what is creating your housing shortage ... lack of lots to build on... builders can't keep up with demand ? 

Both will help you gain valuable skills that will make you a better buy and hold investor.Having those skills will also make it easier to partner with someone else (who has money) since you will be bringing valuable skills to the partnership.Of course, getting paid to learn will also help you save up your own money to begin investing in properties.

Start looking at properties and running numbers for practice and to hone your skills of spotting a good deal.4.

My 2 part test, to see if someone has the math skills to take advantage of what REI has to offer (that other investments don't), is if that "someone" can tell me:1 - what this equation means, and how it applies to REI                                     x = y^ 2 - What is the significance of this number sequence                             1073741824...and the two answers are related.