Yes, there are occasionally large judgments, but they are rarer than popular culture would have you believe. 

@Orlando Spencer - I bet it is!

However, if the tenant isn't wanting to pay utilities I'd bet there are other issues in the unit either with rent or upkeep etc 

I bet if you placed an ad on Craigslist etc and had in the first line SMOKERS WELCOME!

Engelo turned me on to Rocket Fuel I bet you like that one..

Your time here will be well spent.Since you didn't mention a specific area of REI interest in your profile either, I have added the links below for your review and selection of one or all of the three most popular niches.https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

So not required if you find good deals and people.I got my degree in econ and minor in finance at SFSU and met a lot of great people - but I bet you would meet a lot of even more important and meaningful connections at Berkeley, especially with your networking interest, if you chose to do so.

Now this seems like a better bet for a buy and hold.If that adage is true its not when you sell its when you buy.

@Eric EspinosaWelcome to the vibrant BP community, where you will find like minded individuals committed to REI and also helping others succeed.Your time on this social media site will be well spent.You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.I didn't see any mention of your particular REI area of interest, but, whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.I added three links below from the most popular niches for you to pick one, focus on it and expand to the others if needed later.https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)Also, in reading your introduction my take is that you should stop thinking of the past in terms of could have, would have and should have.

No matter what you decide it may take longer than a month to find a deal.I also would caution against betting on a downturn in the market.