For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

The high cost did not match the quality of the content or the level of support provided.

People who qualify for S8 are poor.  

@Abel Eskinder since you're out of the country, you'll probably want to give some thought to our copy & paste info below:-------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

My recommendation would be to partner with Realtor for referrals so you can spend your time on what you do best.Either way, with your criteria being so specific, you'll likely end up with quality leads and an additional income source!

Ensure that the updates are of high quality yet within budget to maximize the increase in value.When it comes to refinancing, after completing the renovations, you can refinance your home to access the created equity.

Set for Life by @Scott Trench is a good primer, along with Rich Dad Poor Dad so you can different views on what it's like to start.

Perhaps hire the PM as a second set of eyes for quality control but that should be in addition to the GC you should hire from day one. 

Work a lot, save it all, eat the food that your mother makes for you and go to work- then when you have a big pile of money of your own you can decide if you want to risk it On real estate.Read Rich Dad Poor Dad.Good Luck!

Quality will be relative to the cost.