lima one does spec loansbuilders capital.they mainly rely on experince they want to see you have done 2 or 3 in the last few years.. 

The information contained in this post is not to be relied upon.

The information contained in this post is not to be relied upon.

The information contained in this post is not to be relied upon.

I've been investing in one market for 10+ years and my vendor list continues to evolve and never had the mindset of assembling a team I can rely upon.

My downfall here was relying on someone else with no vested interest to relay information, and that will never happen again!

Mine was also out of state, in a town I’d never visited, and I relied heavily on videos from my agent.This sounds like a tough first deal, but it seems like you have some capital on the side, which will be useful as you face the upcoming challenges and learn from those expensive early mistakes.Regarding the subject of this post, “help me adjust my expectations,” I’d recommend assuming that; repairs will cost twice as much as you estimate, maintenance and vacancy rates will likely double from your initial projections, there’s a very real chance you may lose money on this deal.That said, there are ways to mitigate these risks by:- Keep asking questions here on BP and connecting with local experts- Stay proactive and communicative with your agent and property manager.And remember “Inspect what you expect.”Im not trying to discourage you but to help reset your expectations.

Since this approach relies primarily on true documentation rather than estimates, it is typically the most accurate.

I also sold 2 properties to one out of state and another from Pakistan and the buyer never walked through but relied on the home inspection to determine scope of work or to complete the deal.    

Nothing points to this better than claiming the property cash flows $1,000/m relying on rent collection and debt service/taxes/insurance while responding to my question about other operating expenses/reserves with:  "repairs will come and we will fix, but that's why we do our due diligence before we buy so we aren't walking into major repairs".