Luckily after we finished the house the market went up about $60,000 in that area and i minimized my loss by selling at $240,000 instead of $180,000. a lot of lessons learned and my next flip i started the day this one closed it took 3 weeks to complete and its going to produce a solid profit.

Subsequent efforts should be able to leverage what you have learned and should produce additional savings acting as GC.Good luck

Like Dave said, you can get stuck carrying some interest for just the chance at a little more money, meanwhile that land is producing nothing.

An investment that produces positive cash flow is an asset.

In the end, my loan broker had me write several letters and produce a balance sheet for his underwriters.

They are targeting a higher level of inflation, so falling housing prices are exactly the opposite of what they're working to produce.

Qualification is based on the asset producing a healthy enough NOI to cover debt by usually at least 1.20x (the Debt coverage ratio). 

Worry more about producing more!  

Despite paying a significant amount of money on tuition/room & board, etc, the 80/20 rule still applied.  80% of the work was produced by 20% of the people - even for those who claimed to want an 'A'. 

.), and you are given all the training and support that everyone else gets, regardless of how big or little of a producer you are.