So it happened to very big players as well..

Asheville is tough these days since so many new players are entering the market. 

I was counting on increases in supply and variations in demand when I bought them, and am already seeing relative softening in demand this fall as so many new players enter the market.

Sooner or later there will always be a player who plays above the rim.

I would not participate in this person's intended fraud as you become an active player in it.

@Bob Galivan  - great points. a) POS can eat your estimated buy in for sure unless you are well cash capitalized on the buy side b) spot on c) very good guidance, especially for 1st timers or out of state players d) AND EVEN WITH inspections....you easily add a $10-25K repair tab turkey bomb expense to your portfolio.  

EXACLTY  in markets that numbers still work there are funds and  DR Horton and other smaller players building new construction SFRs for rental purposes. but this only works in very specific niches in certain states were the numbers all align.

I'm far from a big player in the game, but some of these people now try to gently talk RE with me, trying to get advice or insight on properties they're "looking" at.

I am relieved to hear from seasoned players like you all that I need not stress on 1% rule.

Affordability will continue to be an issue for your larger markets and much less competition from the big players in smaller markets.