If you can use your HELOC and avoid partnering, that might be preferable.

We have an early termination setup that we use to avoid these kinds of issues.

They’ve helped me avoid mistakes and point out opportunities I wouldn’t have noticed on my own. 

We also tell them that we charge $25 per hole for TV mounts, shelves etc I think that $10 up-front investment has reduced the number of issues by probably 80%.Our walls are textured (sand textured in Milwaukee, orange peel textured in the western suburbs - yes, there is an actual dividing line), so we try to avoid the usual palm-sized patch and fill only the hole without making it bigger, so we can get away without texturing.

That does seem high.Best practice to avoid surprise water bills like this in the future would be to request copies of the recent water bills while under contract for due diligence.

Typically, I avoid using a series LLC in Illinois because each cell requires state registration.

If you already use him, make sure you avoid talking to him on the phone (his favorite way to get you to forget everything) and get EVERYTHING IN WRITING!

The surprises are often avoidable if not for bad underwriting......specifically underestimate renovation costs or operational costs.....overstate rents or "as complete" valuation.

To avoid pitfalls, research liens, check property conditions, and set a max bid before buying.

Vetting tenants on my own to avoid paying broker fees is the way to go