Also, if this is a regional flood, Fire, Tornado or Hurricane issue; replacement costs will be even higher.F. 

Does anyone here faced similar issue ?

If there's any specific concerns I could address I would be happy to. 

It does however give you a degree of independence to choose what you want to do.As your portfolio grows you'll also feel the weight of future capex responsibility more, which ironically points you to growing more cash flow through more real estate.The other issue is that you are chasing a moving goalpost.

As long as I have a good lending option such as a low interest LOC, it will still cashflow nicely until rates get better on other loan options.Being the overly analytical type, I just keep looking for what else could go wrong after addressing all the obvious ones that pertain to any deal.

If you can find practice tests, that is my recommendation - that is what I did after taking the required time component and did not have any issues passing the test. 

Second biggest mistake is failing to realize these construction loans allow draws on improvements meaning cash expenditures are required before the first draw can be issued.

This is one of the biggest insulation issues second only to the attic.

The Fannie and Freddie programs handle this issue slightly differently.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.