Plan a realistic exit strategy before you commit your funds.

Not necessarily for the actual default but in the future, if you don't properly disclose that default at every turn, you have committed fraud.

Property management (particularly SFRs) is pretty minimal in terms of time commitment.

imho, only a fool would knowingly commit to unalloted thousands to protect the something as subjective and capricious as "rep".

Our launch was Tuesday night, and having some experience with lowered attendance and lack of interest in conventional REIA's, I was hoping to top 100 people, because of our commitment to no selling speakers, similar to the Bigger Pockets model of no selling speakers at the Summit.

Sounds to me like you need to learn that when you make a commitment to something, give it all you have, take pride in your work, and finish it!

Commits to set goals and works toward reaching those goals. 6.

The only other experience I have renting is when I first moved to Texas after finishing my military commitment.

You may need to use a PM at some point for a variety of reasons (you've purchased more property then you can manage yourself, you've been relocated out of the area, other job/time commitments, you suck at selecting/managing tenants, etc.).Also, future buyers will likely factor in PM costs when they do a proforma computation of the NOI of your property, which directly impacts what they're willing to pay.

I have two commitments for the money to buy the property.Here is the deal - I will foot the bill of the construction/closing costs ($75k - $85k) and my partner will solely buy the property ($195k).