Am i missing something?  

Money wise i just about break even so its not a terrible investment but the added effort is something to consider. 

Of all of the podcasts I listen to (mostly about multi-family investing) and people I talk to, I've only heard one person say that they aren't buying right now, intentionally.Now clearly, a 'deal' is something that cash flows or will make profit from day one.I'm not saying skip over a true DEAL.What I'm asking though, is if there are experienced investors who've been through more than one full market cycle, that have periods of not buying ANYTHING, even if there 'are deals out there'?

I can ask the guy, but he is in his early 20's and I'm afraid he either doesn't know enough about tax deeds or he may know something that he hopes I won't uncover.  

I received a letter from my insurance company today stating that they had to cancel my policy due to water damage to the ceiling of one of my units.I only purchased the property a few months ago and I had an inspection done that did not show anything like this nor have I heard anything from the contractor that my property management company had go in to the property to take a look.None the less this is obviously something I am going to have to take care of.

Life won't end if something goes astray, and there's plenty of education out there to help you mitigate risks as you get going.

You'd have to add at least five 0's to that $1k to even start to be able to buy something here, and even that could be pushing it. 

That said, just because something is in the lease, doesn't mean the courts will agree it is reasonable.

Maybe in the next decline we can scoop something up in Dripping but it didn't seem to make sense at this time.  

Then you want to buy in solid growth markets, as I mentioned, and then also buy properties that do consistently cash flow so there may be a little wiggle room on rental income if something should happen.