Your financial background is a huge asset, and it’s great that you’re starting locally in Milwaukee while keeping an eye on future expansion.If you’re looking to connect with like-minded investors, the Rental Property Association of Wisconsin is a fantastic resource for networking with rental portfolio owners, accessing legal resources, and finding contractors. https://www.aasew.org/For mentors, funding sources, and flippers, the Milwaukee REIA is another great group to explore. https://www.milwaukeereia.com/I’m a member of both and find unique value in each—maybe we’ll cross paths at a future meeting!

It's understandable that unexpected things arise sometimes, especially when you're opening up walls or dealing with older electric or plumbing.

I would love to get the name of some of your contractors. 

You will also need to vet out contractors in the area to ensure you that they can stay on top of your project and will do what they say.

2) Their contractor must be properly licensed and insured and we require copies of all this.

I would add to this one pound into you the good relationships you have with the contractors and agents in your area will be your best and most helpful relationships.

Although, it's very capital intensive and you have to rely on a lot of factors you can't control, contractors, interest rates, market shifts, realtors, buyers, appraisers, inspectors, material costs, weather etc etc.

If they are, I would pay them off first.I would invest in a different market(likely bigger market) where you can find reliable contractors or find a PM that will be able to manage the properties.

Here are a few to watch out for:Property Condition: Most distressed properties need extensive repairs or renovations, which add to your initial investment.Competitive Market: With Phoenix's popularity among investors, competition for the best deals can be intense.Complex Deals: Foreclosures, auctions, or short sales are much more complicated compared to regular real estate transactions and usually require specialized knowledge.Tips to Successfully Navigate the MarketDo Your Research: Understand the local market conditions, including neighborhood trends, property values, and potential rental income.Build a Strong Network: Work with professionals who specialize in distressed properties-such as brokers, contractors, and legal experts-to make the best decisions.Assess Costs Carefully: Factor in the cost of repairs, holding costs, and any potential financing issues when evaluating a property’s profitability.Be Patient: Finding the right distressed property takes time.

I'm a contractor based in Maryland and DC, so the renovation aspect is well within my expertise, having done numerous projects for other developers and general contractors.However, I'm facing a challenge when it comes to choosing the interior design elements, such as bathroom tiles, colors, sizes, fixtures, etc.