In many cases transactional funding will chew up a good chunk of your profit, since it usually would have to come from hard money lenders.

In some cases it will be about convincing people you will close and not try to chew them down after you secure the deal.

They drive jacked up 4x4s, have neck tats and chew tobacco for breakfast. 

Don't bite of what you cant chew  7.

I ideally would like my first deal to be within or close to my current market/local, however, I live in a high dollar area on Long Island, NY and I am apprehensive of biting off too much to chew on the first one.

Few contractors are going to go through the trouble of telling you they're spending $30 for nails and $300 for boards, etc when a) they may not even get the job, so they spent all that time, b) you will probably use the itemization to try to chew them down a few points on each one, and c) it doesn't leave them a whole lot of room to absorb unknowns unless they make a bigger contingency fund.

Too many new investors bite off more than they can chew.

They chew tobacco in their sleep and have neck tats. 

Paying the SD off AND higher rent might be more then they can chew, even if they lie to you and/or themselves that they can do it. 

It's mostly cosmetic updates, but with the rising cost of materials it will chew into my budget.