I've done it a few times. You definately need to know what your doing and have a bit of a "war chest" of cash to cover those unpredictable circumstances. You better have a personality and mindset that isn't paralyzed when forced to make quick decisions (you'll be forced to make many). Conversely, you also need to do your homework. I would get up every Saturday morning and make the rounds through neighborhoods that I was interested in (listings help but only so much). I did it religiously for 7 months before I found the first candidate that met all my criteria. The next few went a lot quicker, but by then I knew these neighborhood markets very well. I stopped three years ago and took the proceeds to buy rental property that I'm holding onto long term. The days of buying low, painting the interior, and selling for 10K profit are over. There is a lot less margin for error these days with interest rates up, and a glut of sellers. Proceed with caution! Matter of fact, IMO your better off investing in vintage guitars (at least in the short term).