. - Fortunately, our transparent systems allowed the owner to catch it:)- Full transparency - we would have never caught this honest mistake:(An owner also needs to be involved to approve & fund large expenses: maintenance, property tax & insurance payments (if they want to be more hands off), evictions, etc.A great PMC should also have a chat with you annually about your future plans for a property and your portfolio. 

You’ve already got a head start with hands on experience.. and you’re probably way more prepared than you think.That first property can feel both exhilarating and terrifying, so here’s what I’d focus on:Cash Flow & Analysis..

Establish an emergency fund and target stable long-term rentals or short-term rentals in markets you understand.House hacking or private lending can offer alternative entry points depending on your risk tolerance and hands-on involvement.

Just make sure and do you due diligence before hand. 

Most lenders don't seem to like doing them, I on the other hand love them.

I have attended local meetups so that I can have a handful of experienced folks who have resources to share.  

I did the right thing by asking for the security deposit and first month of rent before handing the keys.For the next two months, she has been a nightmare.

A law degree does not mean you know anything re wraps.If worse comes to worse, you can stop the foreclosure with legal action - it costs some but you will not lose your equity.I would not throw the baby out with the bath water re doing wraps and I do hope all works out for you.Reach out if you need a referral to a good AZ attorney to helpBe careful out there guysAlan Not to be too blunt, but you are handing bullets to a six year old with a gun.

Clothing- buy at the second hand store.  

When we order an appraisal, we are handing in a rehab budget to the appraiser and they will use this to help calculate an ARV which is used in the lending calculation.