This means placing quality tenants, avoiding excessive displays of wealth in poorer areas, and most importantly, not getting involved in things unnecessarily.

Additionally, ask for copies of all tenant leases, any recent inspection reports, and records of capital improvements, such as repairs or renovations.

It's oversaturated with crappy wholesalers who don't know ARV and can't estimate repairs costs. 

3) If a flipper, what was the quality of their renovations?

The trifecta is making the owner and property manager happy, compensating for the extra risk, issues, and potential repairs, and encouraging the resident to limit the number of pets and be sure they are not damaging the property. 

I would say a common error that people make is underestimating the cost to fix or repair something.

I am having a sewer line repair company come out and give estimate to repair vs replace. 

Renovated with cosmetic updates for immediate rental income, it offers strong cash flow while preparing for more extensive repairs and the addition of an ADU.

If the existing ceiling paint is damaged, the ceiling must be scraped, repaired and painted.

Overall, it can be a profitable business, but most people get into it to become an investor and 99 percent fail right away because they don't know the slightest thing about repair costs, talking to sellers, and are only in it for the money and not to help people.