While financial independence is a worthy goal, defining it this way leads to investing that’s (1) too restrictive , (2) too heavily emphasized on cash flow and (3) too heavily reliant on only one way to achieve financial independence.I always stated my goal as “ I want to have an investable net worth of $x in 5 years while utilizing a maximum of 50% leverage.  

Do you have defined your buy-box, your investment criteria?

Exit Strategy: Have a well-defined exit strategy (e.g., sale, refinance), so the lender knows how you plan to repay them.

Hi Joseph,When starting your investment journey, it's essential to set clear goals that define your investment purpose and time horizon.

.), plays a big role.Generally, there are three main refinance options for BRRRR method investors: Conventional loansBank/credit union loansDSCR loansConventional loans are generally defined as loans originated under GSE (Fannie Mae/Freddie Mac) rules and guidelines and securitized.

You might want to include clauses that adjust the split based on performance or time invested.Potential Risks:Market volatility: The Georgian real estate market might be subject to fluctuations.Regulatory changes: Laws regarding short-term rentals or foreign ownership could change.Currency risk: Since you're dealing with EUR in a non-EUR country.Overestimation of Airbnb income: Ensure your projections are conservative.Renovation overruns: Both in time and cost.Partner relationship: Ensure all terms are clearly defined in a written agreement.Regarding the 70% rule, remember that this is typically used for fix-and-flip properties in the US market.

You need to do a SWOT Analysis of yourself--what strengths, weaknesses, opportunities and threats face you on your journey and in between you and that community defined end state for the real estate.  

(A Kitchen defines it as a “unit” vs just a few rooms downstairs.) 

A well-defined mission aligns everyone’s efforts toward a common objective.

.- Loan Structure: Define your lending criteria clearly—interest rates, LTV ratios, fees, and terms.