Lesson learned: tight deadlines given by well-stocked sellers are very hard to manage when you are not experienced and are dealing with a lender who has a lot of requirements of their own but do not manage time efficiently and/or are dishonest with how long their process actually takes. 2.

I love to take older houses and update them to today standards, making them as efficient and beautiful as possible.

@Jacob GoldsteinIf you are eligible for a Solo 401k, it will be the much more efficient way to go compared to an ERISA plan that covers non-owner employees.

I work a factory job and raise a family on a modest income.

Probably, but I quickly started to understand how to more efficiency look for, and analyze properties that made sense.Once you find one, run it by your agent/PM to get his/her opinion on the neighborhood, advertised rents etc to confirm, and start getting offers submitted. 

In my city at 400 square-foot garden shed finished out as an efficiency apartment would get for $50-$600 a month.

We added value to the deal by meeting the sellers needs, holding the property to build equity and closing on the sale in a efficient and timely manner.What was the outcome?

Buy the home, make the necessary updates as cost efficiently as possible, and flip it.

Fact is that for them they probably are because they do not know how to do it efficiently and do not realise it's going to happen eventually and cost exactly the same regardless.

I think the biggest factor is your local market conditions.