I know for a fact that he takes out loans (or at least refinances) when he buys buildings, because I've read other articles about his other buildings stating that he was in danger of defaulting on mezzanine loans.Of that $1,500,000 in rent, can anyone guess how much he puts in his pocket?

Although you have significant savings, this can sometimes be a dangerous trap to fall into.

At no point was I ever putting my family in any more danger than I currently am living in a really nice suburb of Chicago.

If you go visit the condo and it looks dilapidated, dangerous, or otherwise mismanaged, you should probably lower that estimate.

Any criminal activity that threatens the health, safety or right of peaceful enjoyment of the premises by other tenants committed by a tenant or by any member of the tenant’s household or any guest or other person under the tenant’s control or is a danger to the premises and any drug-related criminal activity on or near the premises by the tenant or by any member of the tenant’s household or any guest or other person under the tenant’s control shall be grounds for immediate termination of the lease.First landlord nightmare experience is in the books.

Memphis is one of the top 10 dangerous cities in US. 

In my market they are driving prices dangerously close to bubble-level.

@Micheal Rieves hard to comp properties are dangerous.  

I guess a concern with a 15 year loan that's nearly breaking even is that if property taxes or HOA dues were to increase, I could get dangerously close to losing money each month. 

Hi,What are some of pitfalls or need to know potential dangers of Wholesaling?