What could go wrong?

[Roselynn Lewis]

Say, I purchase a small distressed apartment complex for 500k that is valued at 600k. I renovate the apartment using an equity line (Is this a good idea, in terms of the source of funds?) My goal is to renovate the apartment and get it to 100% occupancy and sell it. What could go wrong with this transaction? What are the hidden costs? Assuming it takes me six months to turn it around, what sort of return would I be looking at? Or what factors would determine my return? What other strategy could I employ? How do I mitigate what could go wrong? Any thoughts welcome.