I made the mistake of having my kids read it before I did.

We are looking for the worst properties in Nice neighborhoods and bring up the value with them.  

Liquordale made it on the top 10 worst as far.

There many mistakes an investor can make to lose money.The 2nd is a economic contraction causing a lose in value such that the investor cannot continue to hold the asset through the contraction.If your goal is to simply limit risk I would go with passively investing in a syndication.

It seems like worst case that would cover the cost to repaint. 

This project was at times a lot of fun and at times the worst idea i've ever had.

Your worst move may be hemming and hawing.

Everyone makes mistakes and that's how we learn best unfortunately.

Or worst case: I'll just sell it with loss.What do you guys think?

1) Not investing - Not investing in this asset class is the ultimate, biggest mistake you will make with your finances.