One of my biggest concerns is that people are constantly going to beat me to all the best deals. 

Clear and concise communication, willingness to help, and promptness have been my biggest indicators for finding the right individuals.

It is unfortunately one of the biggest misconceptions amongst new investors and leads to unnecessary start up expenses.

What's your biggest challenge in the business and how did you overcome it?

My biggest suggestion would be to find some local meetups (https://www.biggerpockets.com/forums/521-real-estate-events-...) and introduce yourself to the host. 

Purchase price: $265,500 Cash invested: $62,387 Sale price: $430,000 The biggest challenge on this one was the smell from the animals kept in this home.

Honestly, I think the biggest hurdle you are going to have to overcome is a lack of time. 

I like the idea of adding value as long as you don't spend too much cash and/or plan to do a cash out refi at some point to keep your cash working for you and getting a good return on equity; the biggest advantage with this strategy is the low down payment with the lowest available interest rate.

When you get clients these will be the biggest pieces in providing value. 

Taxes and insurance will be the biggest variables on the expense side.