- buy a roach-enfested, 80-year-old house in "the hood", 40 minutes away from anyplace I would ever be;
- partner with a gal that I ended up meeting once before she was run out of town by people she owed money to (one of which was her mom);
- have the rehab work contracted by a guy who told me "6 weeks" when in actuality it took "12 months";
- end up with a averagely rehabbed house in a market where no one is buying;
- end up renting this house;
- to a Section 8 tenant.
I have not sold the house. My money is still tied up in it. I have to go get a "real" mortgage to pay off the rehab-only loan. There is still work to be done on the house to get it ready for a tenant. I know nothing about being a landlord (lady?).
Looking on the bright side:
I have a renter to help me make my monthly payment. And a teensy-tiny bit of monthly cash flow. She doesn't mind that there is no off-street parking. She has no car. And she has three kids. After a year, I can possibly sell the house (complete with renter!) to another investor. Hopefully for a profit, or at least my money back.
The value of the learnings I've gotten from this endeavor: (say it with me...)
* I have this motto on my email return address line. I don't always live by it, but when I do, it's pretty cool.