Ultimately I need 5 units to have experience with lenders.

But if you spend 100K and all of the properties are ultimately redeemed you make a big fat ZERO dollars.

If building a LTR portfolio is your ultimate aim, consider how each potential flip will help you get there.

Ultimately I need 5 units to have experience with lenders. 

It was pretty hard to find properties where the numbers and landlord laws made sense which is what ultimately led me to investing in Columbus, OH.

@Ryan Dickerson, while you will ultimately need to either make a somewhat blind leap or hope you can find a contractor that will walk your properties, one piece that I will add is: YOU need to know what type of finishes you are looking at, and understanding their material costs.I.e. are you going to do carpet, LVP, or true hardwoods?  

Ultimately, charging tenants a monthly RUBS will save you a huge expense in the long run for something you can manage. 

This will vary with the investor to whom the lender will ultimately sell the loan.

Its generally more expensive Ultimately, I think it's the borrower's responsibility to do their homework and  to look past fees/rates and terms.

While the relationship may ultimately prove untenable, that will be YOUR payment for the education toward becoming an effective mentor.#4 and #5 really just show up shortfalls in the Bigger Pockets Forums.#4 shows up the need for a more effective way to search the forums.