However, what are some common mistakes beginner real estate investors/Rehab flippers make?

For us, we use Reliant for the make readies and TXU energy for properties that either have lights included in their rent or for common area lighting.

The agent's compensation is negotiable and 6% may be more common if that includes the buyer's and seller's agent, but if the 6% only covers the selling agent, then that's a greed reach especially considering it's a 2m+ sale price.

Then it is going to be a tsunami of sellers and a bunch of idiots on the news crying that they got ripped off by much smarter people who at some point will decide they've made enough money off the commoners that it is time to dump it.

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!

@Stuart Udis is discussing what commonly happens.  

Hey Elizabeth - I'd factor in about $10k to get a padsplit up and running when it comes to furnishing which would include washer / dryer, additional fridge, bedding/desks, common area furnishings if you want to offer a little better experience.I'm only familiar with ATL - I think accounting for 1 move in / 1 move out per month is a good conservative assumption here.$8kish / year or so on routine and reactive maintenance combined which should include your cleanings, lawn care, maintenance calls ect. 12% per month of gross rents should be a good estimate if you want to look at it like that!

Thank you so much for your insight, this was extremely helpful!

This seems crazy as the risk is different, the rules of what you can do with the cabin is different, and most importantly the price difference between cabins on land they own versus forest leased land is extreme.

Remember the purpose of a proforma is to determine if a deal pencils broadly, so getting extremely granular doesn't add anything useful.