Burn the candles, use the nice sheets, wear the fancy lingerie.

Hello @Jeff Burns.

Danger: Fairly new investor trying to invest in multifamily in a out of state market, thousands of miles away, with little market familiarity, no well establish & trusted professional network there, and money burning a hole in their pocket is one of the riskiest conditions I can imagine, second only to perhaps trying to flip in that remote market.

And I dare say I verbally burned down both properties to the slab foundation.:) While I have some ideas in mind of other property types that I’d like to rip on equally hard I thought that today I’d pick something a bit more neutral.

Pic got cut off but it is a 2 car garage, 4 bed, 2.5 bath home with a pool and wood burning fireplace in a good school district.  

The market is competitive, and if you don't have good people working with you, you can get burned pretty quick.

Waiting to decide what that is after you have taken an application is a good way to get burned. 

The day before closing it burns down.  

@Joshua McCarthyAre the joists burned like firewood or are they just scorched from the heat and flames?  

By the way the only time I have been significantly burned by a tenant is when I let the tenant convince me to rent to them even though they had poor credit.