The seller then made the mistake of allowing the buyer to draw up the contract and closing docs, and further “saving” money by not hiring an attorney.

@Amy DenzlerRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder, etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I’m not 100% sure if I’m making a mistake in my calculations, but each time, the taxes take a surprisingly huge part of the cash flow.Any feedback/real-live experiences will be highly appreciated!

Any vice, any backhanded thing you can think of, any trap, any costly mistake, I have seen it in product liquidation business.

You get to learn and sometimes make mistakes with limited exposure. there’s great companies out there who’ll have your back as an employee every step of the way through the tough situations.

There are even members that will respond here that have ulterior motives, so you shouldn't trust them.Go through the content available here on BP and then start looking for a Property Management Company you can build a relationship with - but, still verify & validate what they do as no one is perfect and even an honest mistake can cost thousands.Some agents may post here to start with them, but 95%+ of agents don't know how to properly identify a rental property to buy.

There are going to be mistakes and delays by the dozens.....

This may also help you diagnosis a problem so you know who to even call.Practice Makes Perfect: Don’t be afraid to make mistakes.

These individuals can help you avoid common mistakes in that market and provide the resources you need to succeed. 

My main concern would be using HELOC on personal residence to make first real estate investment, not as concerned with the Roth/IRA but still don't want to make a big mistake on the first one.