In the worst case scenario, we can still go to court and file an eviction case and litigate to an eviction judgment. 

1 Check your sheet for mistakes on the formulas:Return on Investment (ROI): 15.76%  (Annual Cash Flow/Initial Investment)Purchase Capitalization Rate: 8.10%Monthly Net Operating Income: $439Annual Net Operating Income (NOI): $5,268Monthly Cash Flow: $205.50Initial Investment: $13,700 + Closing costs ($1,950)Loan amount should not include closing costs.50% Rule: 54.97% (little over)A 70K offer will lower your ROI and Cashflow (FYI) 

I made mistakes but I learned fast.

Grant Cardone suggests getting the ACTUAL P&L for the last 12-24 months, then look at the worst month and see if it's still a good deal.

We currently have put in one backup offer about two weeks ago and finally found another property we feel could be a good deal, however, the realtor we’re using told us we should withdraw the first offer if we want to put in the other offer.I asked our agent what the potential ramifications could be and she said we would be forced to buy both houses (not the worst scenario ever) and if we don’t we could potentially be sued and lose our earnest money.

You're going to make mistakes and there is so much you do not know.

Haven't been on here for a while, but here's how it shook out:HML gave me an extension, I switched RE Agents, found a buyer, Angel Investor came in with the cash to finish the project and everyone got their money back (except me, I took the L as punishment so I would never forget my mistakes).

I am here to learn, connect, curve mistakes and make my first deal. 

I did that once and never will I make the same mistake again.  

I’ve been keeping an eye on areas I would like to buy for maybe a year and a half and the market here is fairly stable, but currently there is less competition, which is a good thing.I just put in an offer on a SFH and from everything I’ve learned and studied, I decided to buy the worst house in a great neighborhood.