Mistake #3 was not having knowledgeable people around to be able to ask questions.

I dont currently have any projects going in CA at the moment but I have been looking for a Summer cabin up by Truckee and I suspect insurance will be an issue although I will pay cash but I will still want some coverage.

To make the strategy successful, you need to find a property that can be acquired below market value.

Purchase price: $850,000 Cash invested: $500,000 Sale price: $2,250,000 Purchased , knocked down, built new from ground up What made you interested in investing in this type of deal?

This is a good tenant of 5+ years, and I don’t want to cause unnecessary friction (I’m just trying to set up automatic systems for myself).

Purchase price: $28,500 Cash invested: $178,000 Sale price: $250,000 Bought a 3 unit riddled with drugs or prostitutes from the city at the tax auction, spent a year gutting and consolidating all three units in two structures to a single-family home with an exterior side entry garage.

I am targeting Cincinnati, OH as potential first market because I grew up not far from there and have at least some connections.

Evaluate the situation to see if you could have done anything differently to mitigate the loss and implement changes to your processes, but know that this happens and hoepfully just not too close together. 

Lets catch up soon.

Quote from @Robert B Azimi: A restaurant that’s doing great business feels he shouldn’t pay the rent on time for the last 4 months every month we had to post 3 day notice to pay  rent or quit on his front door for him to deign to pay his rent What legal action we could take to make him understand he is not the landlord we are he must pay his rent on time?