Lessons learned: multi-family horror stories

[Vanessa Vandervalk]

Hi everyone, I am starting out my research into multi-families and have noticed that most of the time, BP discussions are around success stories. This is great and we can all learn from one another's successes! 

But, I am interested to hear your HORROR STORIES. This is not for entertainment's sake or to embarrass anyone, but to help those of us who haven't been there yet to step around the pitfalls that others encountered along their journey. So, in your experiences, what mistakes did you make? What unexpected problems did you find out about a property after you committed to it? Was there a time when you didn't do enough due diligence, or hired the wrong company, or just encountered a situation that you felt unprepared to handle? Did you ever realize you overpaid for a property? How did you get past your situation? Thanks in advance!