@Kenneth NoronhaMy greatest failure in REI so far was buying a house that could not be improved.

This has all recently changed in the last couple months and I wish I began sooner because I've learned a ton.My goal here is to network with other investors and wholesalers, learn more about new construction and flipping, learn from success stories and/or failures, hear about what other people are doing to find deals in expensive markets like mine (Boston), and hopefully I can help others out as well.Looking forward to connecting with more investors who share the same goals and investing interests as me.

Hi Folks - They say failure is a great teacher, and I can say I am learning a lot.  

YOU are ultimately responsible for your success and failures. 

An attorney once mentioned that recording can cloud things, so when you are the seller you might not want that (buyer's failure to perform will not make life more difficult to re-sell) - but as the buyer you just might want that ...

I have looked at many buildings that have them, I don't know what the rate of failure is.  

I hear some fear in your post because you saw your dad experience a failure in 2008, but it sounds like that didn't stop him it, was just a setback.

The positive side to your decision is that now you are putting yourself in a position where you must succeed and failure is not an option, and I think that is great.

This is setting yourself up for failure right from the opening.Once you have a tool like this, figuring out your biggest expenses, or what class of item you spend the most money on, it'll be easier for you to understand where you can go leaner.You don't want to spend time accounting for every single dollar, that's not an effective exercise.  

I don't think I'd flip in these areas.Clayton on the other hand I, personally, would stay away, unless you really know the market, but I'd imagine that sometimes going against the grain is when you make your biggest profits AND biggest failures.