Here are some key takeaways from our experience flipping homes and running a renovation business in San Diego.1.

Working with a property manager will give you a lot of hands-on experience in the day-to-day of managing properties. 

AMeris bank will do specs I used them.but if you have zero experience you will have to mitigate it with a lot of cash or get an experienced partner.

In order to get there it would be good if you could keep feeding cashflow proceeds back into acquisitions, on top of your continued W2.Speaking from experience, you can manage probably 30-50 units yourself nights and weekends before you really need to hire someone.

I can absolutely understand how these experiences have drained the joy out of owning rental properties.

In our still relatively limited experience, seller financiers are usually looking to get a higher asking price in exchange for the favor of the private loan. 

But with the right strategy and due diligence, Albuquerque might just be the next great investment hotspot.Would love to hear from other BiggerPockets members who have experience in the Albuquerque market.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Sounds Like you have the operational experience to turn the place around and make it a winner. 

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.