The biggest thing is vetting the operator as they ultimately drive the returns.

It is important to remember that a solid agent is not just opening doors for you, their biggest value would be in the negotiations and right now, buyers have a real advantage if one knows how to go about it.

@Cole Bossert I think @Sarah Kensinger and others have touched on the biggest qualities, especially communication.

We keep making those lists for the biggest rent decreases, highest vacancy, etc.

It’s mentally tasking, which is my biggest battle now.

About biggest "drama" I had seen is when there was a pitch for "what about mini-storage", which we discussed for some time, I equipped them with all the realities of it, we developed a few real world potential, really fleshed it out, "board" meet, reviewed, and decision was made of why chase shinny things when on a good proven known path.

The biggest difference to me is that YOU have control of every aspect of an active investment, while somebody else is in “control” of a passive investment.  

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I've had a change order for 14k and anticipate another may come when the canal line is cleared. one of the biggest things has been holding costs with my particular loan product, plus multiple extensions with multiple extension fees Thanks for sharing.

Second biggest mistake is failing to realize these construction loans allow draws on improvements meaning cash expenditures are required before the first draw can be issued.