Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.PM us if you’d like to discuss this logical approach in greater detail!

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.PM us if you’d like to discuss this logical approach in greater detail!

On paper, it's a good asset with a good rate to work off of, but thinking you can easily convert both units to 3-bedrooms in Queens is a mistake, one that could cost you.

Learn from other people's mistakes - It is SO EASY TO RUSH into real estate investing instead of finding people who have done what you want to do and work with them. 

I used a friend for the mortgage (who was new) which was a mistake... my financing fell through on the day of closing in July.

However, you should always budget for a worst-case scenario to maintain positive cash flow.Vacancy costsThe cost of vacancies can significantly impact your cash flow.

@Courtney HamiltonRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

But the cynical side of my brain knows the worst flippers out there will find a workaround for it and continue delivering low-quality flips to unsuspecting buyers. 

I do not know the layout, but believe 5 units is the worst unit count.  

.### Avoid Common MistakesBe cautious of common mistakes like underestimating repair costs, not having a solid exit strategy, and overpaying for the property.