This deal proves how the right upgrades and strong execution can produce exceptional returns in competitive markets.What made you interested in investing in this type of deal?

Generally single family is also a tough product for cash flow, though there are some distressed properties that could be made to cash flow after an initial cash investment.

Make sure you keep good time logs so you can prove your hours when you do go for REPs and even for materially participating with your STRs.

@Faith Olatoyan You’re in a tough spot, but not a hopeless one.

People are finding it really tough in this economy to even pay for groceries, gas and utilities, let alone there mortgages!

@Kay Sam  Losing money is tough. 

I have a lot of investors who work and live in California and it was very tough for most of them to get started, until they ventured out into other states!

This is a tough area right now with rising costs.

That might be tough, but there's lots of lenders here.

@Mic Salvador,Great advice above, and definitely get a good team together of people you trust: a lender, real estate agent, contractor, and eventually a CPA, so that you can make the most of your investment.As some have mentioned, the market can be tough for new investors, so go in with a clear plan, and let that plan include taxes.