One of the biggest risks I observe with flips and first time investors are instances where the project goes over budget or gets stuck in mud, can't sell and even worse the borrower doesn't have the credit profile to refinance out to a lower interest lending source if borrower is required to hold the property as a rental. 

I'm a new BP member in New York City & Westchester County.

Or is it better to go directly to the city to get the permit process?

A nearby city with a lot of highly paid engineers.

The STR needs to be licensed with the city and can be rented out for a maximum of 180 days in STR format for a calendar year. 

Does this mean section 8 is bad, NO, but this can happen in any city or state.

The properties are limited to certain areas of the cities.  

For instance, cities like Chicago are known for landlord-tenant laws that skew heavily in favor of tenants, and that risk should be baked into your underwriting.What’s your take on balancing short-term cash flow with long-term equity growth?

Hey @Trevor Scheumann, The biggest thing to look for when visiting a new potential market is going to be to network with boots on the ground, namely property managers, highly recommended realtors and maybe a few contractors if they come from trusted sources.

Go to Omaha and Sioux city tomorrow for inspections and client meets. 3. close new loan with my bank unsecured ( those babys can be tough to get).4. get my mind ready for 9 grandkids at the house this is the toughest one :)  Patience 5. firm up goals for 25 solidify my new clients that I have gotten in Q 4 24.