On the land side, zoning, highest-and-best-use analysis, and exit strategies are key to maximizing returns.

Quote from @Richard Schubert: Closed and now have the keys in my hand.

For value-add investments, securing the right type of financing that accounts for the property’s potential appreciation is key.

The biggest lesson learned here is that there are going to be mistakes made or problems that come up, and so having patience and communication thoroughly with your partner and team are key to getting through the process.

bringing on someone not only fiscally but also with experience in this type of rehab is key, as you will need to write a good scope and budget for the unknowns.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

_______________________________________________________________________________Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Quote from @Hanna Brown: @Jay Hinrichs If the bidder at the auction pays cash for keys to get the homeowner out, does the person redeeming from the owner position (exercising rights of redemption w/in 180 days) have to reimburse them for those costs they paid to get the homeowner out? 

Look for cities with strong job growth, stable or expanding population, and favorable local regulations.For passive investors seeking diversification in their real estate portfolio, considering these markets might just be the key to unlocking unexpected potential.What secondary market(s) have been catching your eye lately?

Since you're looking to house hack your first multifamily in New London, CT, or Greater Boston, connecting with local investors and learning about financing options will be key.