Homes built before 1978 often contain lead-based paint, which poses serious health risks, particularly to children and pregnant women.

I also make sure we get on the same page by writing down our roles, responsibilities, and even how we’ll handle potential challenges or surprises.

Flipping during a bear market or high-inflation period can present some unique challenges, but it’s still possible to profit if you approach it carefully.

Have you seen any strategies work well in Anacostia (or neighborhoods with similar challenges) other than flipping?

Challenges?

Yes, the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy is still alive in Philadelphia, though some aspects have become more challenging in recent years due to shifts in market dynamics.If you’re considering BRRRR in Philadelphia, areas with recent or upcoming developments, like parts of West Philadelphia, Brewerytown, and sections of Northeast Philadelphia, can still present good opportunities, but base everything on section 8 rents to see if the DSCR and LTV makes sense

See post from jay hinrichs about using them and some of the challenges they may provide.

Challenges?

Your SOW, challenging projects, expensive stuff, can be tricky unless you have experience and an established team. 

However when my friends moved out and I started renting to strangers, I found the high turnover rate and overall living situation to be much more challenging.