Make sure you're realisitic and looking at pure NET profit after all expenses, including taxes...When I initially set these goals, I was still in the "bright-eyed, bushy tail" phase of envisioning my future REI portfolio.

The catch is we're cash only on our deals, so it's not for everyone.

I understand this is hard for many to catch right away so let me chip away at this with additional examples. 

Knowing that you'll have a good amount of eyes on the property at your ARV of $3.5M, I think you would be able to get it sold in a decent amount of time and save some holding costs. 

What’s the catch here?

So you over-pay, oh well ya just gotta be a bit more patient for the equity to catch you up to 0.

I’m not sure how I would have don’t that part differently but I will say the hardest part of real estate (in my eyes) is dealing with contractors.

. - They do have a catch that even if you waive the buyer agent fee as a leverage for negotiation of the deal, the brokerage will still charge the transaction fee.  

I’m super easygoing and laid-back, but I do value good sleep—I wear earplugs and an eye mask, so as long as you’re not a really loud snorer, we should be fine.

You are stepping in to catch some form of falling knife on a deal and team that dropped the knife to begin with.