@Kelly Jacobsson I'm quite active in the Knoxville Market...

That's great, except for the competition.It's a little farther away, but I think a lot fewer Boston people are trying to buy properties in Smithfield, Scituate, Johnston or Coventry (just for a few examples).I'd also recommend attending local real estate groups that are active in the area you're thinking about investing in, for example in RI I know there's one group that meets monthly in Warwick.Attend a group like that and make it a goal to meet (best) or talk to on the phone (less desirable but still good) investors who are local to the areas you're looking to invest in (not out of state as you'll be).

If you excahnge  "No Luck affecting things either way" for "Bad Luck", you still make a profit because of the other elements in the formula. 

Since you're new to investing, go slow.1) identify how much time you can devote to investing2) based on nu. 1, determine whether you want to be active investor or passive one3) based on the conclusion in nu. 2, look into options available for either passive or active investors.I have a library of books.

The folks above seem to have given some sound advice and you seem to already be leaning towards being an active single-family home investor. 

They never cancelled the agreement because they didn't want to pay a cancellation fee and instead preffered to keep it active and a prove showing case by case.

Owning income real estate directly is one of the many ways of owning income real estate and the way most frequently discussed on BiggerPockets because it involves the most hands-on activity (and when done correctly, probably yields the highest return of all the different ways of doing real estate).

But as you said, for someone who is active, there are deals that don't fit your criteria.

Any material changes in these documents -or any element of your personal financial situation- may require the lender to reassess your eligability for the loan for which you’ve applied.The lender renders an approval decision, and if approved, issues a loan commitment letter, stating its willingness to fund the mortgage provided certain conditions are met.

Different levels of investment activity.