Another key point in loans is that the broker or direct lender will often try and include the costs into the loan, for some this is fine but you are paying interest on that money over a long period of time....FYI

Understand the basics of private lendingResearch real estate marketsDetermine your investment strategy and criteria for loans, including:- Amounts- Interest rates- Repayment termsCreate legal documents with a lawyerNetwork with real estate professionalsPerform due diligence on potential borrowers and their projectsBegin with smaller loans to gain experienceMonitor your investments closelyConsider joining a private lending group for additional resourcesStay informed about real estate trends, lending practices, and legal regulations

: I understand that there is commercial and residential, but there has got to be subgroups While I don't think you need to niche down immediately, some specializations in residential RE are:- Co-op- Condo (incl. luxury)- SFR (median pricepoint)- SFR Luxury- MFR- RentalsThere are a ton of commercial RE specializations including retail (various types), restaurant, other food/bev., warehouse, storage, and dozens more.What should I expect when first coming into the profession ?

Quote from @Addy Chupa: When analyzing deals, I usually include a 5% vacancy factor and 5% repair factor based on annual rent.

Many lenders include a prepayment penalty  that lasts 3-5 years, which could limit your ability to refinance again if rates drop in the future. 

My goals include cash flow and appreciation and I realized there were other properties that better align with what I am trying to accomplish.

If you borrow against the equity, you'll need to include that payment in your calculation, as well.You make 3x the average income for Pennsylvania at the age of 32.

Hi @Kyle Kobel and folks,I teach hosts how to use Pricelabs more effectively or I also a have full service offering that includes STR revenue management and listing optimization as well.

It should include a few exhibits attached like a scope of work, a blank change order form, a final layout illustration, and a lien waiver (for the final payout) that they sign before starting.

Not sure if you're still looking for help since this was 3 months ago.You could include something in the provisions regarding maintenance in your rental agreement.