I know cash flow can be challenging in Texas but if you are anywhere near break even it's a win as long as you're in a good area because values are only doing one thing over time in that DFW metro.

After reading Brian Burke's post about his apartment syndication deal that went terribly wrong, I understand even very successful people can face some pretty challenging situation.

In many cases, it takes a few years to really start seeing any appreciable cash flow, but it is the relationships we make, the learning and overcoming challenges and obstacles every day that is the true rewards in this business.

The only challenges you haven't mentioned is advertising for roommates, screening them and where to get a lease.

Pretty good from @Nathan Gesner too, BUT not 100% all the time.We know some turnkey companies that do NOT want to own real estate or are very picky about what they keep and sell the rest.It is a challenge making sure they are not selling you the property for MORE than it is worth.What country are you currently working in?

Property owners in Florida have faced significant challenges with squatters unlawfully occupying their properties.

But if do a BRRRR from far away that's risky too, without a really good and trustworthy team in place and lots of checks and balances (security cameras, someone local to check on your property) and the ARV and refinance aspect can be challenging.  

Challenges?

Just be mindful of the demands and challenges it entails.Best of luck with your venture!

I think the most important part is a willingness to learn and succeed plus just knowing your goals and pushing forward towards them.Each market has its challenges and PDX area is no different.