Dear BP family, I am finally on my way to start my small business.

Here are some tips to keep your projects moving smoothly and scale up:Managing ContractorsControl Payments: Break the rehab into phases and pay contractors as they complete each phase.

If you are vetting large-scale multifamily or commercial, you can do a bit more on spreadsheets, but still it would not be relevant without knowing the potential cap ex. 

Based on some of the research done, I am inclined towards starting out with a small multi family investment property (2-4 multi family home).

The lessons you learned the hard way in 2008 will be invaluable now, and it’s great that you’re aiming to stay small-scale and within your comfort zone of Sacramento, which gives you an advantage of knowledge in that market.Given your experience, I'd say start by focusing on three key areas to build confidence and minimize risks:Budget Control: Over-renovating was one of the big mistakes you mentioned.

The value of the hotel is based off of how well it's being operated.My advice would be to get a job in the hotel industry.

My partners and I (3 of us) are based in Miami FL (not the easiest market at the moment) we are all realtors / brokers and investors, each have 20+ years of experience down here, have done multiple ground up single Family and duplex builds and currently have a portfolio of single fam and duplex properties.

My endgame is to end up with $300k/yr in post-mortgage income in 20 years based on investments I make now followed by continued investments over the next 10-15 years own.

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

Let's help you duplicate that success in the Houston Area.I am a Houston, Texas based Investor Broker/Agent who has worked with over 400 BiggerPockets Members and Investors.