See the chart from Fair Isaac Company (FICO) below: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyAccording to this chart, investors should use corresponding vacancy+tenant-nonperformance factors of approximately 5% for Class A rentals, 10% for Class B and 20% for Class C.To address Class C payment challenges, many industry "experts" are now selling programs to newbie investors about how Section 8 tenants are the cure.

Even though I know the numbers well from my previous experience, I’m sure there are some unique challenges when it comes to flips—like managing renovations, timelines, and of course, staying on budget.For those of you who made the transition or started out flipping, what’s something you wish you knew before your first project?

As an investor myself, I can say, first transaction is always the most challenging and then each one gets easier. 

Would love to connect with anyone with experience to see the challenges and process.

IN case the house you bought needs urgent repairs because of some natural events .

The challenge with moving to a new area is (1) you don't know if you will like it and (2) what is the job market like should you have to change jobs.

Have any of you had experience with similar property management challenges in the Chicago area?

One of the big challenges, as you may be aware, is the permitting for this type of community.

However, I'm finding it challenging to network with other investors in the area.

They had extra challenges of language, culture, and education which they overcame.