And no matter what, keep an eye on how your financing structure lines up with your exit strategy.Where do you see the biggest risk.. sinking money into improvements or letting the buy back linger too long?

The biggest issue is that forgetting to assign a location or choosing the wrong one can mess up your balance sheet, leading to inaccuracies.

Biggest lesson learned was to keep at it, keep learning, and work with seller and title company to get the deal done.

Here are the biggest mistaken assumption unsophisticated investors make when contemplating an investment in a deal1- that the Sponsor is an expert in the field of investment2- that investments, economic markets, financial markets are predictable with any accuracy3- that PROJECTED returns are PROMISED / GUARANTEED returns4- that because they NEED their investment to be liquid the sponsor will provide said liquidity5- that the “deal” is more important than the sponsor. 

But for me, the biggest shift was developing a routine and using tools that let me see my rental finances at a glance.Anyway, that’s my two cents.

Finding a reliable contractor for the rehab portion and then a good property manager once it's rented seem to be the biggest issues for those who aren't local. 

My biggest rule it to pay off the heloc as soon as possible because the rate is variable and its much safer to be in a locked in mortgage.

I can say from having taught classes on these loans that your contractor will be the biggest key to your success.

or “What has been the biggest challenge for you as a new investor?”)

Biggest thing is not letting the tax tail wag the dog.