Granted-  every recession is different, so maybe I will eat crow this time! 

Although some are "struck by lightning," I believe a 5 year plan to financial independence is unrealistic, unless you are happy living in a hovel and eating out of a can.   

My margins are smaller so I can't have a big gotcha eating up all my profit.4) Mold.

Momentum has shifted, and there is a large black hole eating away at some of the phantom equity.

It has a full size, eat in kitchen, and it was staged with 2 living room areas.

If you end up having a broken pipe, need a roof, have electrical issues, etc. it could easily eat up 2 to 3 years of expected income, so I'd definitely do my best to maintain some liquidity for a rainy day.Best wishes!

Now you're stuck in a 12% interest loan that will eat you alive.

Sales prices are at a peak, mortgage rates are double what they were a year ago, many first-time investors cashed out equity in a peak market to pay cash and eat up inventory, and cities/counties are increasing regulation.Keep looking, but be conservative with your numbers so you don't get caught up in the emotions of the market.

There will be vacancy and maintenance expenses that will eat into your monthly cash-flow. 

Moreover, HOA dues eat into cash flow and the board could vote against rentals in the community.