just bought first house, where will I screw up?

[Thomas Dionne]

After bidding on 5 or so properties I finally got a 3 bd 2 bth 1380 sq ft home in Jacksonville fl 32244 (chimney lakes in case anyone is around here) for 50k

It needs new roof and ac unit and paint and flooring but in pretty good shape.

I have been wanting to steer my business of "manufacturing home buyers" into a situation in which I have a vested interest in the home. So i saved up this cash and pulled the trigger.

I haven't even handed over binder yet and I already have a few people from my database who want more info... im fairly positive I can create enough leads to get a "rent to own" person with a decent shot at moving in with soon after having it fixed up. Ive gotten pretty good at creating a lot of leads in any area I want for cheap, i think that's my advantage. I know it wont be easy and I will get surprised and I was wondering what someone who has done this before would think and do different, or what they would look out for. Some concerns are
1. if i get someone qualified in 6-12 months missing something that would cause it not have a loan go through
2. picking a renter that couldn't get a loan because of some lien or something that i could look for now that I don't know to look for.
3. if i get lucky and sell it not taking advantage of some tax break
4. that the house wont appraise for 80 or so dollars a square foot even when fixed up and even if i have someone willing to pay that.

All in all the money in a money market is paying 50 bucks a month and the other houses on street are 1100 and 1200/mth so I figured even though I don't have much experience with rehab and reselling i cant screw up too bad. Any input would be appreciated.

[Steve Babiak]

No offense, but the answer to the question in this thread's title is: By creating that title: "just bought first house, where will I screw up?"

If you think you WILL screw up (negative thinking), then you are almost certainly going to screw up. If you think more positively ...