I agree with the folks commenting so far...these are all lessons learned and things you can avoid...I think you answered your own question...why focus solely on the cash flow if you don't need the cash...sure, cash flow is great, but creating a sustainable career buying stable and appreciating assets is better.The high ROI properties you are looking at require an experienced, bulletproof property manager that understands how to get the property stable and performing....this is a rarity and will take a ton of due diligence on your part...lots of trial and error mixed in...Best of luck

Now that I've seen the error of my ways, I'm looking to learn as much as I possibly can.

Your credit score: Your credit score will play a significant role in determining the mortgage interest rate you qualify for, so it’s important to check your credit report and address any errors or issues well before you start the homebuying process.How much you can afford: Make sure you consider all of your expenses, including the down payment, closing costs, and ongoing mortgage payments, when determining how much house you can afford.Saving for a down payment: Many lenders require a down payment of at least 3% to 20% of the purchase price, so you’ll need to have enough money saved up for a down payment.Saving for closing costs: In addition to the down payment, you’ll also need to pay closing costs, which can include things like appraisal fees, title insurance, and attorney’s fees.Location: Consider the location and the neighborhood you’re buying in. and what you want in proximity like schools, parks, transportation and your workplace.Research different types of mortgages: There are many different types of mortgages available, including fixed-rate mortgages, adjustable-rate mortgages, and FHA loans.

I’ve had one that had to be fired and the manager I’m using now is a gem so that takes some trial and error.

@Phil BarrySo many things can go wrong with owning a power boat (both in operator error and mechanically).

Unless your advisor is a business lawyer who knows about securities regulations, chances are higher that errors might pop up later. 

Is there any FTB or IRS rule that says I have to sell through escrow for installment sale tax treatment?

Installation errors aren't covered by Insurance from what I'm told.

To add onto the great advice Billy gave, allow yourself some trial and error to figure what you want your niche in real estate to be.

*sense (sorry for the grammatical error).