I can say one mistake I made was while buying in great neighborhoods (up and coming) I lost equity on two where we bought on a busier street.

It’s all about taking it step by step, learning as you go, and building the right team around you.

This happening in 05 to 08 and there were builders with 50 to 200 specs and they lost them all I bid on a 100 home package in 08 the houses were selling for 225k to 250k in 06 ish and we were in contract for 120k each..

While I haven't found it YET, I now know that I am armed with good knowledge and have a few team members on my side who are true experts. 

Weekly updates AND a requirement for the borrower or someone from the borrower's team to respond within 24 hours of being contacted.This is a good one! 

Working with and building a trustworthy team is of utmost importance.

I know the most critical step is to build a team which I am confident I’ll be able to accomplish since I already have some friends that live there.Any help would be appreciated! 

In my opinion, you should for sure team up with the local bank!! 

I did the same thing and only lost one.

Many of those properties were build by my team for investors.