If you’re using all cash you can afford to make mistakes with underwriting, or during renovations.

One of the worst mistakes you can make is hire an agent to do PM.

@Jonathan S. you'll get burned if you buy real estate rentals and do not, "manage your manager".Even the BEST make mistakes and no one can catch every mistake.So, it takes a team effort between a PMC and an owner to make it work:)

Bad legal stuff happens to the guy who sold on a "wrap" and makes a mistake. 

A PMC is the ONLY one that will deal daily with your property.Here's some copy & paste advice on hwo to screen PMCs: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.

I am guessing you like the numbers you see in Strawberry Mansion and Norristown (Montco not Philly) but do you know for a fact that at those numbers, you can do a full gut rehab and be at a number that will allow you to profit, and along the way make some sizable mistakes especially if this is your first project . . . 

Looking back on your earlier projects, what were the biggest mistakes or lessons learned in securing funding or managing build costs?

Partner with a Real Estate Tax SpecialistThe tax code is complex, and mistakes can be costly.

. - You have no recourse against an agent or PMC once you pay them for the placement and it turns out to be a terrible tenant:(If you have the time and network and post here for assistance, it's always a good idea to learn the rental business from the "ground up".Of course, one mistake can also cost you thousands of dollars.

Quote from @Shiloh Lundahl: This mistake is in thinking one can time the market. 2012 was a better time to invest than 2019, and 2019 was better than 2024.