I think the emergency fund can be a challenge for somebody to put together especially starting out, but the sooner they have one the better. 

There might be Some exceptions such as you did a bunch of repairs/improvements which increased the value of your home .

Purchase price: $18,750 Cash invested: $15,000 Purchased old house frame on 1/2 acre, intending to improve it and sell it.

Remington, I own properties in Athens and while the data/statistics/analytics might look great - there are many challenges with actual operations. 

Specifically, I’m drawn to distressed properties, such as pre-foreclosures and foreclosures, because of their potential for strong returns and lower acquisition costs which I feel is a great combination for a new investor with my budget.That said, entering the U.S. market as a Canadian comes with its own set of challenges, and I want to make sure I’m approaching this the right way.

Now I know better and my critical thinking skills improve too!

It's like you're building a money-making machine with PadSplit, but the fine print in the financing realm can throw in a curveball.Have you run into any specific challenges or surprises when it comes to financing after making these renovations?

I'm sure the numbers look bad, and they think they can improve them, reno and increase rates by 25-30% and that is the business plan. 

Challenges?

While 20% down improves cash flow by eliminating PMI, it delays entry into the market, potentially missing appreciation.