Though crime rates seem to be decreasing, I'm still a little concerned.

I have noticed a decrease in inventory and an increase in price in my area here in Florida.  

Is there any place you can decrease spending?

In 2008 the bank appraised the farmland and its value had decreased to 1.5 million.Despite the fact that the client owned other properties free and clear of any obligations we were able to negotiate a deed in lieu of foreclosure.

Review them regularly with a couple others you trust and try to decrease your expenses and increase your income.  

I would like my first deal to be close to home so that I can be more involved in the process of going to look at properties, but I live in Chicago and am not too excited by the real estate market here given that the supply is increasing (lots of new construction), the demand is decreasing (city population declining) and Illinois is just going down the tubes financially (some would argue that the state is already way down the tubes).  

Also mentioned that in the Last couple of years, population is decreasing.

I started out learning the fundamentals, decreasing the fear of failing, and finally became active this year.

1. $100 net per unit2. 15% annual NOI growth by increasing rents and decreasing opex3. 20% IRR (when you sell after 5 years)4.

It will probably decrease your cashflow about $25 a month.  5K on any one deal is within the margin of error if you are trying to build a portfolio in my opinion.