What are some common pitfalls to avoid as a new real estate investor, especially in the multifamily sector?

You should have a clear understanding of property tax rates, insurance costs, repair costs, utilities, landscaping etc.Any buyer must develop their own proforma and that is what should be relied on.

I'm currently looking to roll out of a duplex I bought in Holly Hill (BRRRR but looking to sell) and continue picking up the 6-12 unit properties that are pretty common in Volusia.Anyone interested in a meetup sometime?

We charge one month rent and one month security deposit before move in (make sure payments have cleared before turning over keys)  One month security is max allowable by Delaware Landlord Tenant code.If they have a pet you can charge a pet deposit (again, by state code, DE you can charge up to 1 month rent)If separately metered utilities, make sure they've transferred them into their name by providing account numbers and also a copy of their renter insurance before move in.Good luck!

You technically need to be registered in the state where you will be utilizing the legal system.

Many thanks in advance,Victor Talking with my friends contractors in the area... some of this contractor offered very low price for their projects betting to build many units and market changed and they simply started to file bankruptcy... when comparing cost it's common you will find higher costs ... been in this market last few years, houses will start to move again in the next months in a normal cycle (not pandemic cycle) , if you're goal is getting long term rental in place for delay gratification...

@Greta Andrews Dave Ramsey a nationally respected financial expert , best selling author, and financial advisor calls whole life( cash value) insurance a con job orchestrated on novice investors by “ enthusiastic ignoramuses” masquerading as financial advisors.Borrowing money from yourself and paying interest on your own money is a non common sense approach to investing. 

Connecting with locals who have experience in this area is a fantastic way to gain insights and avoid common pitfalls.Since you’re looking to buy in the next 12 months, I recommend starting by networking with other investors and real estate professionals in the area.

Fortunately, we were able to creatively utilize a “work around”.  

Mold is a common complaint from tenants, particularly those trying to exploit you.Mold is everywhere, even in the air we breathe outside every day.