It quickly made me realize that Atlanta (where I live and invest) still has much more potential (even now) than most of the "hot" markets.  

I'VE BEEN HAVING A TOUGH TIME DECIDING WHETHER THE MARKET IS GETTING TOO FROTHY, AND ASKED MY BROKER WHETHER HE THOUGHT THE MARKET WAS TOO HOT:"IF THE MARKET'S DOWN, BUY!.

We are in a fairly hot market and the 2% rule here doesn't seem even close to achievable.

Side note:  I read that Jay-Z and Beyonce are looking into buying a $85 million dollar home out there, Hot Lead ... there would be a nice little wholesale fee if you get something like that for themLeon

Despite the hot RE market, I found a motivated seller and still got a good deal.

It is amazing how often it is necessary to fix or replace these appliances.I removed a hot tub that one rental had.

Since 2006, I replaced all three bathrooms in the house, refinished the hardwoods, rugs, hot water heater, air conditioner, added pavers in the rear patio, replaced all windows and the list goes on and on as I’m sure everyone can imagine.

No island life for me, it's too darn hot.

@Phillip Dwyer , thanks for the tip on checking the local laws; I didn't know that was a potential requirement.I'm not yet ready to start investing in Detroit, but I do want to be poised to go there soon; I think it's going to be a hot spot once the community there has figured out which neighborhoods are going to be viable.

In markets like ours, you could have 4 subdivisions with 200K homes, new construction that could be selling like hot cakes that will skew that perception, you rehabbed 1982 ranch may or may not compete, and usually won't even if you sunk 100K in it.The objective measures to valuation, market activity, inventor supplies and housing needs have been around about a hundred years, technology hasn't and won't change the approach but can make things easier.