Having reserve cash as emergency fund
Real estate is not a predictable market. Most inventors who have attained recent successes say that they invested in the real estate market when it was hot.
The stock market was at an all time high and they took advantage of that, making lots of money along the way. While riding the real estate wave a lot of people gain a great deal of success in the business and think it is always going to be that way, but that is not so.
The most important thing to remember when you are thinking of getting into real estate is that the face value of the property itself is not going to be enough to hold you over.
A reserve of cash, an emergency fund if you will, is necessary to a successful real estate investment experience.
You must have the ready cash or credit to cover insurance deductibles, fix repairs, and cover emergencies. Otherwise you risk losing the property through several means, up to and including lawsuit.