Don't skimp on this one.

Do credit checks, employment verification, reference checks, rental history checks, etc. and make sure you don't skimp on this part. 

Do not skimp out on getting insurance, as you never know when you'll need that policy.Contractor - A good contractor seems like the hardest team member to find, but can often make or break your profit margin.

As has been mentioned, if this is in a historic district you could be in for a fun time getting permission to change the exterior (Including color changes in some UDTs)City of Atlanta means a long time getting permits.DO NOT try and skimp on the design work.

an operating agreement is basically the contract between you and your partner, and not an area i'd skimp on. the operating agreement is the guiding document that sorts though the rough times...should things go south. and they do, sometimes even with family ...

Hopefully he's not skimping on rebar. 

Too much competition from rookie investors who will over bid you every time, skimp on repair costs and put a bad product back on the market.  

They didn't skimp on these converstions, every unit is highly upgraded with granite, tile, berber, crown molding, stainless, etc.

I'm not trying to be cheap or skimp on a handyman visit.

Mistakes are certainly part of the learning curve, still it's nice to avoid them.I think the one thing I would tell myself would be to not skimp on due diligence: get bids when need be (especially while learning to budget accurately), get expert advice on questionable foundations, scope the sewer lines in older homes, check the utilities, etc.What one lesson would you tell your pre-investor self?