Occasionally there can be a reason to buy property that won't cash flow, but that's for advanced or speculative strategies.

I always add a roomate agreement that shows 10-15 rules that your tenant must abide but such as cleaning their own dishes, cleaning bathroom every other month or whatever you decide is the house rules.

There are good deals you can find occasionally.

"Earn $10,000 or more" I put in the guru category, total BS due to so many factors, people that state such things are marketing, it may happen .5% of the time to make it a true statement, read a blog "How To Develop A Good BS Meter" because some here can really dish it out. 

They're actually hosting occasional "come and see" type events where you can go out there BEFORE you buy (and even afterwards!). 

Other than the roof and HVAC, I've done all the work myself and occasionally the help of a co-worker here and there. 

I have been in Real Estate for a while, buying and holding property.Now I want to branch out to wholesaleing.I went to Peter and Dave's The Flipping Formula in Ontario last weekend, and it was VERY clear that that was the path not to take.In looking at Reviews, the most intelligent ones came from BiggerPockets, so here I am.I want to learn, and seek a Mentor to help me with the occasional confusing aspects of this business.  

Doing volume mitigates the risks by covering the occasional failure with successful deals. 

Financing - if I am unavailable to get financing at acceptable terms within a certain time period, I can back out of the contract and not lose my earnest money (This is whay a strong pre-approval letter is important in financed offers).There are other contingencies that are less common, but still used occasionally such as an appraisal contingency (if the house doesn't appraise, I can back out and keep my earnest money) and sale of another property (I'm offering to buy your house, but I have to sell mine first).If you google "real estate contract contingencies", I'm sure you can find many more.Bottom line - you should not be making offers under the assumption that "MOST of the time you get your earnest money back if you back out of a deal". 

Amy,I occasionally send out an email blast to my list of 3000+ commercial agents.