Be prepared to handle administrative tasks, build relationships with industry professionals, and bring a fresh perspective and strong work ethic.

I wouldn't do that to my investors, so even though I am not sure that a capital call will be needed, and if it is, it would be small relative to capital invested and likely not even this year, I felt it was my responsibility to give investors a distant heads-up that this is a possibility so they can be prepared if and when we have to take this step (and I should note we've never issued a capital call in our multi-decade history so I don't take this lightly). 

Be prepared to accept a settlement somewhere in the middle of what you think is owed.

The only issue you may have is when filing your taxes some preparers charge based on the number of inputs you have such as W2s, 1099s, and P&Ls.

We strong suggest to always get a Real Estate Attorney to review all documentation and prepare the seller docs (do this always - even if you have a Realtor).Most BP members are experienced enough to feel comfortable doing this themselves ... after you do 2 or 3, it will become routine.You are saving thousands of dollars so you will need to do a bit of work yourself, but it is worth it.Never pay full commissions any more ... if you decide to get a full service Realtor to list your house, that is fine (the Entry Only concept is not for everyone, we understand), but always negotiate a flat fee. % commissions are not valid any longer ... what additional work does a Realtor selling a $600,000 has to do than to sell a $400,000 that is worth $6,000 more in commission?

We are preparing to cashout refi in a few months which then the return will jump.

I have spent quite some time learning, researching and preparing for my first Short Term Rental.

It sounds cheesy, but the best way to prepare is to work with a friend or two and role-play.

Have a legal advisor or counsel review your documents before signing.These will make your ultimate exit strategy, post Hard Money financing period, much easier when: - preparing & submitting paperwork for individual tax returns - maintaining the note in good stating with consistent payments & digital payment history paper trail - digital and/or easy access to documentation - preparing for a Re-Fi, Conventional financing, payoff, or even Flip/Sale & deed/title reconveyance to remove the Hard Money Lein holider at the end of the note's term

Preparing for a motorcycle ride is similar to learning to ride a bike.