One way to offset a lack of experience is to mandate that you use a professional property management company, which is in reality a good idea anyway until you have a measure of experience under your belt.The larger the property the more the lender will want to see that you have some prior multifamily experience, even with a professional management company in play.

@Stanley Kong  There are disclaimers on listings.. any item on a listing is subject to second party verification.I really like the big bold one on the Charleston SC MLS system" if square footage is important measure"  this clearly denotes sq. ft. is estimated if you want it exact you need to do your own measuringIn the foreclosure or distressed asset business some of the best deals are when the bank or seller mis states sq ft..

And 36 Other Key Financial Measures" - the faster you can get to making data-driven decisions for everything, the better.Good luck on whatever path you take!

Her measurements and information were even wrong.  

Just knowing that I have to admit to another person if I flake helps me a lot.See if you can hook up with a friend that has big measurable goals for this year and try it out.

And 36 Other Key Financial Measures 2nd Editionhttp://www.amazon.com/Every-Estate-Investor-Financ...Landlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches Paperback – July 28, 2006http://www.amazon.com/Landlording-Auto-Pilot-No-Br...Stay away from Rich Dad hype books, but it's worth reading them to understand your competition's mentality. 

WHY because as hardmoney lenders they have more control over there capital.I have been one over the last 30 years my last shop was 35 million so we were not tiny but we were not SEattle funding either.. more on the line of East side or vestus.Borrowers just don't jump ship for 1% or a little cheaper.. they will stick with who will allow them to scale.so when I want to do a 100% deal for one of my long time borrowers no problem. your not going to be able to compete.. the day of 20% plus rates are gone of course.But the portals all want to make 14 to 18% apr just like the HML companies.Can you take market share no doubt but you will have to build it just like I built my companies excellent customer service and flexibility.. right now the Portals like RS have very stringent underwriting they cannot compete with many of the local guys in this market that have 10 to 30 mil to lend. and there is only so much hard money demand in a given market as we know.Vestus and East side get a lot of their business by providing capital to buy at courthouse steps this is highly complicated and lots of moving parts your portals will no way be able to compete at that level.Were I can see a portal doing well though is with bigger funding deals that the HML won't take on.. like larger credit type lines etc we have had some interest from portals for this.. and its not at all competition with the local guys.

I know it is not going to be easy but, why should I worry, i'm a bigger pockets member ;) Seriously, I had a few measure in place before even conceiving this endeavor. 

That potential gain measured against the additional cost of your debt at the higher rate is how I would approach your question.

One of my tenants gave me a form from a non-profit here in the San Francisco Bay area offering free energy conservation measures to low-income tenants.