But during the buyer’s due diligence, several unexpected issues surfaced, each cutting deeper into the profit I had worked years to earn.The first issue was with the water lines.

Overcrowding can strain plumbing, electrical systems, and air conditioning, leading to expensive maintenance issues.

Make sure the condo is FHA-approved, allows rentals, and has no financial issues before committing.

No notable issues to date - mostly minor stuff. 

Signing the lease demonstrates they agree to the terms and then you can hold them accountable.If you don't do this, then the person named on the lease and paying the rent could disappear and you would have no legal authority to charge the remaining three for unpaid rent.

LLC offers better legal protection.3) Setting up in states that allow your identity to be hid is also overblown.

@Ryan BroschardHi Ryan,You have hit a common issue many new investors fail to anticipate.  

Also know that building a home seldom goes as expected - I have relatives that just built a nicer house… they thought it would take 9 months… it literally took 18-24 months between delays in permitting and the builder just not being able to get it done in a timely manner - often due to sub-contractor issues.  

The issue is: can the operator survive to that "long term".  

One thing to consider on the credit card option is that a lot of contractors don’t accept them so that could be an issue.