The owners at the time were directed to our Real Estate agent and she showed us the property as it was a good investment opportunity.How did you finance this deal?

Even better, I might be able to snag it well under market value since it's an estate sale that's been sitting on the market for nearly 200 days.Here’s the challenge: while I could afford to purchase the property under market value, I’d be stretching my budget thin to cover the mortgage during the period I’d be remodeling the basement to make it rentable.

What pitfalls or challenges should I be aware of when scaling up quickly?

It has been frustrating but it also is a positive as I now can quickly know what deals to not even waste time on analyzing. 

With the HELOC and then converting it to a term loan you will probably be paying higher interest and/or shorter amortization period on conversion which will mean higher monthly payments.

I just did a quick lookup on Bankrate for 2024 and for 300k of value in OK was almost $1k less than 300k of value in FL (4800 vs 5600). 

At the same time, you would like to maximize your investment until you move in F/T.

Hey Sara, as a first-time investor, I’d say your credit score is fantastic, which puts you in a strong position.

A prudent investor doesn't seek quick riches through shortcuts.

There are times when the market increases or decreases rapidly.