Here's a detailed guide on how to screen applicants: Application Screening Guide 

Over-budgeting is critical to ensure that renovations don’t eat into your profits.Market Fluctuations: If property values in your area do not appreciate as expected, or if you face a market downturn, the amount you can refinance for may be lower than anticipated.Financing Challenges: Securing financing for the initial purchase and rehab, as well as refinancing after the property is rehabbed, may be challenging, particularly if the property is located in an area with fluctuating values or if the rehab work doesn’t immediately improve the property’s appraised value.Tenant Risk: Rent collection and tenant management can be unpredictable.

I can help you with financing options and help you analyze deals.

As a realtor I am sometimes aware of deals before they are put on (or back on) the market How did you finance this deal?

How did you finance this deal?

You also get access to conventional financing. 

Finding motivated sellers off market and making offers using creative finance strategy.

Maybe a mom & pop owned small multi-family can owner finance or sell to you with some guidance for the transition.

To thrive in real estate investing, you must maintain a firm grip on your finances.

The bank will make you leave 25% equity in the property - but you also still want the property to at least cash flow some - so be careful how much equity you pull out / new debt you take on.I would do a cost benefit analysis of what your actual gain is in cash-flow on buying a new property with a (currently) higher interest rate (if financing), versus just holding on to the current appreciated property and enjoying that cash flow.All the best!