Have every detail spelled out, use an escrow account and daily updates verifying all parties are executing their responsibilities.

People that have "amazing deals" outnumber "people that actually have money to execute on them" by a ratio of 10:1 or 15:1.

I recently came across 1 acre asking for 314k in a very good residential and growing location, so the current owner has added 4 manufactured homes with 4 electrical meters, 4 septic tanks and only 1 water meter for all 4 homes, the homes are sitting on partial slab and partial pier & beam, he also added 2 storage sheds approx. 380sqft with the intention to make them ADUs they are still only the shell so I would have to get those ready to live in, so currently the 4 manufactured homes are being rented and bringing in 2800k a month, 3 of the homes are needing some TLC which could increment rents and possibly get me at 3600k a month, also being a 1ac lot this still leaves about 12,000sqft of raw land where you could build etc.So that is on the good side now the things I did not like so much, the lay out is poorly executed to where it makes it looked crammed up and not professional but it could be fixed.Another is that in reality there is only 4 livable units so that qualifies under a conventional loan but since they're are 6 units on the property the banks are wanting to take it as a commercial so we would have to move out the 2 storage sheds out in order to close as conventional.Another concern, technically you are only allowed to have one manufactured house or single wide in your property according to what I know but I know it could change according to zoning which I will investigate, so my question is has all this been accounted for and if so how can I verify it so it wont leave me in a bind further down the road, I currently asked my agent for the appraisal of the property to see if that might verify.Any recommendations?

Some went through the process of signing the NDA, providing proof of funds, and having multiple conversations, only to end up ghosting me.I think what a lot of this comes down to is that many people start looking for a business before they’ve figured out for themselves what it is they really want, and what they can actually execute on.Here are a couple of the common misconceptions I encountered from buyers:🚫 You can close on multiple acquisitions within a year.Sure, it can be done.

It would be wise to ask your CPA the capital gains exposure once this strategy is being executed.

However short contract period allows you to pursue other avenues to sell if the wholesaler can't execute on the terms they offered.

In the multi unit buildings I put on lease "Each tenant shares responsibility for removing snow and salting on both walkways and sidewalk infront of property" and I have them initial before we execute lease.

Certainly nothing ground-breaking in terms of ideas here, however I'll be very hands on (and on site) during the process to make sure that every step of the way is executed to a high standard and very carefully.Once I've hopefully developed a successful track record and gained experience, my next goal would be to move on to commercial assets (think multi-family, industrial etc) so that I can leverage my existing investor network and real estate knowledge to raise 3rd party equity and take on bigger projects.

I have another deal and worried I won’t be able to execute so perhaps I will do it with my other SDIRA custodian to be sure it will close in a timely manner.

Also find a good lender that is well versed in STR/MTR loans to make sure you qualify for financing (if you need it) and that they can execute the loan smoothly