When I first wanted to be a flipper 7 years ago, I would have failed miserably if I just dove in.  

If you are doing it because 90% of investors are doing it, consider this... 90%+ of investors also fail!

Succeed or fail, did you do more? 

So far the situation looks like we are in a trouble with this sewer situation - nobody is taking responsibility and everybody is covered by some laws that only work in one direction when you need to pay money, but when you need to receive money for somebody's fault, the system seems to fail or impossible to work with.

So the management company fell down by not overseeing the repair and the warranty company failed by not overseeing their contractor.

Warning signs of a failing structure?

If you've had this experience, what went well and what failed?

@Russell Brazil and @John Weir and @Nick HullWell maybe my memory is failing me which deal of mine this story relates to, but I remember drawing a purchase agreement on a private deal I had with a home owner who lost their house to a flood in 2011. 

Well you can drive around Memphis and find many... failed landlord syndrome is very evident in those markets.. and the lower the rents the tougher the tenant base and the ability to succeed is.I had a friend from Oregon ( against my pleading) buy a 40 unit in Memphis.. 

I tried contacting them through email (but it fails to get to them) and I left a couple messages on 2 different tel.