All it takes to be successful is just one million dollar idea in your career.If you end up having to go back to a W-2, as I did, don't think of yourself as a failure.

Lower building and management costs than virtually all other real estate investments and a failure rate only around 8 percent.IN COMPARISON TO OTHER REAL-ESTATE INVESTMENTS during the past decade.Multifamily = failure rate of 58 percentOffice = failure rate of 63 percentRetail = failure rate of 53 percentSelf-storage = failure rate of 8 percent  Rents are another key to the success of self-storage properties.Multifamily is similar to self-storage per square footOffice is littlebit higer but similar to retail per square footMultifamily and self-storage are about half price of office and retail Rent comparison is even more enlightening when comparing rents to average development cost per type of real estate.

Sure, you might make some mistakes and experience some failure along the way, but won't everyone?

@Aurelien Bonin basics of education are the basis of your success or failure in the syndication business, that’s why consuming the right information on multiple channels is a constant must.

And there was another thread a few months back that discussed the negatives (things like failure to file taxes, failure to pay bills, etc - a bunch of liabilities that could be "inherited" by such a purchase).

Understanding these are likely D class neighborhood, what are some success/failures any of you have had with these types of properties in your portfolio?

Buying out of state as a newbie opens the door up for failure 

I will also clean up anything left outside the units (multifamily) and send the tenants a bill14) failure to keep maintenance appointments - I will bill the tenants15) (I added this several times throughout the lease) If I don't like the way you care for your residence, I will serve you a 60 day notice to vacate instead of offering a lease renewal.16) landscaping rules17) smoke detectors/CO detectors18) I require renters insurance (this is a new policy, but I think renters insurance is worth it)19) Waiver/Breach20) RULES FOR ENTRY!!!

Failure is not an event.

Treat the "home" same way you would a house that needed to be scraped due to structural failure.