Inspections are great if you have money to waste and want to make the seller cover unnecessary costs of abatement, which they won't.  

I'd really like to avoid unnecessary vacancies and would like to at least have the option of showing a unit as soon as I know the tenant won't be renewing.

Did we learn anything, yes but alot of half-truths too.Came home and created a Nevada S-Corp and put an LLC under it, assuming we would go national.Property bought was in Calif, so more expense to Foreign File both entities.Started looking into creating my own Property Mgmt (PM) business to control out-of-state holdings.Then I learned:PM requires a broker's license or to be under his control almost everywhereThat stopped National expansionwhich then made the S-Corp and LLC unnecessary (to me; I accepted personal risk)Did get good liability insurance and suggest an extra Umbrella policy if you're going to buy&hold (aka become a landlord).

The closing window is tight - usually 21 days.They will NOT allow you to assign the contract, and many impose deed restrictions barring you from reselling it of at least 3 months prohibiting an A to B to C close (double close).

@John Vietmeyer  We did many unnecessary improvements on our first few rehabs.  

You shouldn't make a purchase decision based on any of it.Spend time building a relationship with your seller....thats probably the easiest way to avoid unnecessary wheel spinning!

This agent has been lied to and given false assurances by her go-to lender, probably repeatedly, and based on that she may very well be exposing first time homebuyer $45k earnest money deposits to a crap ton of unnecessary risk (She didn't say WHICH clients she was using the 'no contingencies' trick with, so that could be incorrect).

(And while there are limits imposed on some of those fees, in most cases the REIT's board of directors can unilaterally waive those limits.)Those fees may be entirely reasonable, but you may want to be sure to review the offering docs in detail before proceeding.On the liquidity front, there's another Reg A+ option you might take a look at, which is American Home Preservation.

I dont know all the details, but it sounds like a decent tax (+10%) would be imposed as well as some other restrictions.  

Response to Angela DeBorjaI believe you need to be where sellers, owners, investors and auction bidders are to really be market wise.Learning this business has many advantages, but also giant pit falls; tenants suing you, not paying rent, rent escrow, no income (mortgage must be paid), repairs, unnecessary calls.negotiating with sellers can be distressing; tax sale, mortgage foreclosures, health issues, bankruptcy, estates.Bidding on tax certificates, lots of competition.I like to avoid the competition and deal directly with people who really want or need to sell.Go where you are respected and appreciated - to the sellers who want an offer.Rent court - who goes there - tenants who don't pay and----- and landlords with tenants who don't pay!