Hopefully that upfront diligence plus a healthy contingency budget would suffice to keep me out of that scenario, otherwise I would foresee a guaranteed loss, or underperformance at the very least.

After some issues with the mortgage lender not doing their due diligence until the last minute they put in some of their commission to support the closing of this property.

Quote from @Stuart Udis: @James Wise "Do normal due diligence like appraisal and inspection and you're risk exposure is fairly low.

I am looking for a solid real estate agent and eventually will need a home inspector, possible property manager/etc. in regards to the process.I have a few family friends which I am blessed to have mentored me the past few years in this field and I am determined/diligent to learn and grow. 

I did zero due diligence.

Every lender has guidelines; that’s why it’s important to perform due diligence with lenders, just as they do with borrowers. 

The main lesson for us was that there is still a level of due diligence that our team must perform regardless of screening software.

Loan Costs, Deposits, and Escrows: Origination fees, application fees, third party reports, legal, insurance review, title & escrow, rate caps (floating rate loans), due diligence deposit, rate lock deposit, standard escrows, etc.6.

Once under contract you do significant more due diligence to verify the data you have been given.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊Thanks Michael !