But as often happens, a certain percentage of my investments “go off the rails”, in other words don’t proceed as planned.  

When we create our business plan, we also include our exit plan.We'll only proceed if we can clean this up, acquire new tenants at higher rents so we can increase our NOI, which in turn should reflect our cap rate and profits.Since this asset class is new to us we will tread cautiously.Scheduled to preview tomorrow. 

@Jimmy Rojas, a few things to consider with your plan:1.

I recommend reading the book traction and following EOS - they have a one page business plan that is awesome to follow. any planner can work it's a matter of creating the plan and how to monitor and follow through with it which eos teaches

Lesson two: The Polytech area has a lot of potential but requires careful planning for the scope of work.

Lesson two: The Polytech area has a lot of potential but requires careful planning for the scope of work.

Focus on what the rents will look like post-renovation with 4 units instead of 2, and have a clear game plan for refinancing to pull your capital back out. 

The Great Smoky Mountains is the #1 destination of all national parks in the country.It's (probably) the #1 spot investors have focused on for investing. 

Below are some actionable steps I plan to take after identifying a market:- find a rock star agent by referral and/or calling brokerages and asking to connect with their top producing agents- find a rock star contractor by referral and/or yelp- have control over construction by setting per diems to incentivize contractor to finish the project on time, within budget, and with good quality- leverage my rock star agent's time to check up on the construction process (checks and balances)- hire independent handymen/inspectors to check up on the construction process for a flat fee (checks and balances) There's competition everywhere, you won't escape that in any market. 

The kids have to park on the lawn, so it looks like the ghetto and you can't even get out of your driveway, to much traffic.