Identifying a d purchasing properties that are undervalued due to under market rents caused by owners with a lower purchase basis that are terrified of losing tenants and raising rents, will definitely provide you with immediate upside appreciation when adjusting rents to market rates as well as covering all your holding costs and a cash flow reward every month. 

Not considering risk reward.  

Through the lens of risk vs. reward, probably not worth it just for depreciation benefits in my book!

Bigger risk, bigger reward - but only from a Cash flow perspective.Typically as Sebastian said these are D class or C class at best.While you might be getting a better return on cash flow you are not investing, you are buying a business.

Having paid off RE eventually cash flows quite nicely :)  Yes very wise words,I question if I'm risking too much using a HELOC.Debt increases risk AND reward.  

Real estate investing is super rewarding if you understand that it doesn't happen overnight and you are willing to put the effort in.

Analyze market circumstances, project remodeling costs, weigh risks and rewards, and do extensive due investigation on possible investment properties.

It's a thrilling and rewarding world, but it can also be overwhelming for newcomers.

My efforts were rewarded with a snowball effect of success, culminating in the realization of my long-awaited dream – opening my own commercial and residential real estate brokerage and property management company at just 25 years of age.With each passing month, my client base grew, and my reputation as a trusted advisor in the industry soared.

Refrain from making hasty decisions without fully appreciating the dangers and rewards involved.Disregarding Market Trends: Keep yourself updated on regional market trends, financial data, and legislative modifications that might affect Houston area real estate prices and rental demand.