They can also fail horribly doing the same things.I've found that it is 100% in what you get out of the information you receive, how you turn around and implement.My 2 cents:  Learn a lot from free or cheap sources and your local REIA and here on BP (which is basically a virtual, nationwide REIA, if you really think about it), and when you know what you want to do, invest in your education on that way of investing - super target niche, not a 1 size fits all $50,000 training program, of which you will probably utilize 5% of if you do one deal, maybe 10% of if you really get into investing. 

Do you think it is a good niche?

It's great that @Derrick Thomas has a wife of another race-- perhaps success can be increased by having her deal with the less friendly white-preferring lenders and having him develop a niche among people that would prefer to deal with an African American?

I also identified a niche I plan to pursue: finding off market deals that are not good flip candidates (this particular one was locked up for 90 days due to a previous short sale).

You aren't having a unique experience.

My company is a bit unique, where our focus is on acquisition and renovation of properties and we provide property management as a service to complete the circle.  

The lack of competition - thank you very much - is a major reason it can be unusually profitable for those that understand this little niche.

You might consider Niche or Specialized Housing like student housing.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

But from day 1 its hard to get immediate cash flow without a very large percent down.Having said all that, the Bay area is somewhat unique.