Best lesson I've learned so far is to learn as much as you possibly can, assemble a team around you (realtor, cpa, attorney, property manager, etc.) and take action.

Here is a short list of unexpected costs that can reduce CF, or easily eliminate it altogether for years especially if the margins are thin and the property only kicks off a few hundred/mo (all of these are actual issues I've dealt with in the past few years that effected CF):  Annual Backflow Prevention Assembly Tests/Code changes requiring additional backflow prevention devices“Churn”: high vacancy and turnover rate/ tenant drama/ evictions/ turnover expensesBad PMBad tenantsHOA fee increases/special assessments (condo/townhomes especially but also MF/commercial complexes)Trash hauling/property cleanup—ghetto properties are trash magnetsCrimeTheftTenant DeathMileageToolsTenant placement: screening charges, advertising, professional photos, travel, 3D tours, etc.Property tax increase based on sales price you just paidInsurance rate increase based on a claim you made or a high number of claims in the area Trees-- maintaining trees costs more money than many people realizeAnnual Sewer ScopeAttorney feesTravel costsPest Control—We recently had the unexpected pleasure of evicting some bed bugs from a newly acquired 8 unit building.

My goal is to purchase an investment property this year, 3-4 unit multifamily in the NW Chicago area, and I am beginning to assemble my real estate team while searching for deals.

They take some time to assemble and I'm busy buying properties so it will be a day or two before I can post one.

I have a portfolio of 7 SFRs that I assembled between mid 2015 to mid 2017.

The best thing to do is partner with qualified sponsors or assemble a team that can get prequalified for financing.

Don't forget there's lots of Boeing employees to draw from too, though be mindful that 737 max's are assembled in that plant in Renton.

If fire separation is needed, you decision will be made for you in the form of a rated assemblies That said, assuming minimal flip and no fire separation...

These are metal kits, that are already assembled with everything you need to attach to bed frame.

Real Estate Investing like any other business takes time to assemble, build, grow and maintain.