Yep the $500 specials can be a pit fall if one does not approach then with a well educated eye, we are also looking at properties that are already rented, but will still get the full inspections plus check City occupancy certification etc.When I first found BP, I quickly realised how valuable this site will be, hopefully I will be able to give back, though I am not a forum junkie as my evenings are walking the dog, cooking dinner for the family, usually quoting work then if there is any time left, property searching.

Really opened my eyes to some things.  

His eyes lit up!

It has definitely been an eye opening experience, but one that I have greatly enjoyed.

One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market.

When you set your eyes on it, it is gone.

Matt, go into it with your eyes open.

All of my investment are out of state.Many of my Californian family and friends thought I was crazy for buying anything away from home where I cannot keep an eye on.

@Stewart Thompson The short answer is you can do quite a bit through adaptation.I once watched a flipping show where the principle was in a motorized wheelchair he had other be his eyes on areas he could not get into.There is a certain amout of phone and computer work in this industry.

But try to get a seasoned eye to look at it and try to poke some holes in your plan.