I have no experience at all on RE and I'm up for the challenge.

What are the biggest challenges / downsides to the industry?

I see some challenges in the local market (high first cost, high property taxes, older building stock, etc...) but also see a lot of positives (low vacancy rates, stable real estate prices).  

You can also find motivated sellers where prices will be at larger discount, instead of using the market priced MLS.Remember:  Every deal is different and unique.

The challenge in investing education starts with the fly into town gurus who don't know your market and just want your money with minimal support.  

The other counties local will eventually follow suit and will offer their own unique opportunities, but what you learn here will prepare you for that tomorrow.That's why I'm REI-ing here, at least.

So...no...no one is jealous of a guy like that...just sorry that others got duped.Third, if you were selling the idea that you could turn lead into gold....you would definitely raise some eyebrows...maybe even get some folks to pay you for the privilege of listening to your program....but here's the difference (and, frankly, it's more than disconcerning that you don't get this) you sold them on the fact that they could turn LEAD into GOLD, not turn LEAD PAINTED GOLD....and that young man is the difference...they are not dupes...you sir are a criminal...it's called fraud....easy to figure in your scam...harder in the real estate game...but it's all the same.So when you sell your next property, and bill it as having "unique plumbing" (or whatever) and then justify the sale by fact that the buyer should have been more savvy....just remember that someone trusted you...and you screwed them over for a buck...because in your words they were "silly to give it to you". 

That's a solid indicator that they overpriced it...which will at least give you an idea of what it isn't worth.Sounds like a very unique/historic property, which may limit your pool of potential buyers.

I live in a town where the 1% deals are not easy to create, and even more difficult and rare to just stumble upon, but they absolutely are out there.Some 1% deals are residences, some are parking lots, and some are a flat concrete pad with cell-towers disguised as flag poles.If you were to compare every 1% deal across a tough town you'd probably find lots of creative angles unique to each deal.   

Further, non-judicial proceedings in some states can be challenged.