Have lived in Laguna for many years, worked OC real estate, and there are no more Lagunas on tap either.At Strategic (in Agoura Hills, cover SoCal from SD to SB & Inland Empire), where I work, we concentrate on buying distressed properties at auction (second biggest buyer in SoCal), and, after many decades, have made our "mistakes" long ago.

To me that is the biggest risk, not knowing what the local laws are and how to set up your paperwork to best address the laws.  

I plan on making the biggest local real estate site in san diego for buyers/sellers. 

Biggest concern i have right now is when is this market going to roll over...3 years ago i felt we were going to get another crash.

The construction work is mostly cosmetic with the biggest items being fixing a deck and kitchen rehab work. 

Summing it up: unless you've got a satisfactory amount of capital, the upside can be offset by a much greater downside - in your particular case. 

Education and action are the biggest requirements for anyone.

I have been searching and these are the kind of houses that I am seeing on Craiglist, MLS, papers, etc..30K older homes in C/D neighborhoods that will rent out for about $575 - $650 with $5000 worth of renovations.70 to 100K 70ish homes in B/C neighborhoods that will rent out for $850 to $1200 depending on price and other variables.100 to 250K 80/90 ish homes in A/B neighborhoods that will rent out for $1200 to $1800 depending on price and other variables.Duplexes seem non-existent or as the podcast gurus have said are a "Waldo" property with too much downside to take a gamble.

This is my personal biggest falling with my web site.The rest is window dressing, in my somewhat humble opinion.

Conversely a business could do 500,000 in sales and have a net profit of 220,000 before taxes each year.The biggest component when I look at buying a business is that if it's a job or an investment??