Include a lender in your conversations that specializes in working with investors.  

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Their advantages include house hacking which includes better finance options and hustle.My last purchase was so large cash negative that the rents were $3k less than PITI.  

She goes on to say that for her beginner investors, she doesn't let them buy over $100k total (including purchase and rehab), she already has a tenant pending for a particular property she currently wants to sell, already has a good relationships with a lender, and doesn't let rehab go over 2.5 weeks. 

Red flags for me include people who are overly optimistic without considering risks or those who don’t seem to have a clear plan for their contributions to the partnership.

Does that include any utilities? 

To determine price range, the first step is always figuring our how much you are pre-approved for; and that can vary significantly when you are looking at multi-unit properties because of the additional variable of rental income that can be included in qualifying.

I keep scans or pictures of all of all letters I send this way including the letter as readable before it goes into the envelope which includes the tracking number written on the letter, plus the filled out certified mail paper and the envelop after its addressed. 

This would include adding another bedroom and making it a full 2 bath.

. • Podcasts: The BiggerPockets Commercial Real Estate Podcast has episodes on niche asset classes, including hotels.