One of the biggest risks I observe with flips and first time investors are instances where the project goes over budget or gets stuck in mud, can't sell and even worse the borrower doesn't have the credit profile to refinance out to a lower interest lending source if borrower is required to hold the property as a rental. 

When you have the funds available and you find a deal that works, that is the right time.With the new investors that I work with the biggest step is saying yes when you are ready.  

I understand the concept how you have described your services above but the home was not "rent ready" or had the number of rooms advertised and that is the biggest issue here.Our contract was about a year ago and the reason why I am responding now is for two reasons 1) to warn other buyers and 2) because a potential buyer of yours actually reached out to me and suggested that I post my story on this platform.Keep on responding Katee.

Yes the biggest issue was they grew way too fast and he set up an entire servicing company to handle all of their deals.

Two of the biggest players in this space just folded.

My biggest two cents is no one should flip unless they are the best at estimating ARV in their room--better than the appraiser, agent, lender--when that happens, your deals will fall into line. 

I've flipped about a dozen properties here in Chicago, and quite honestly, it felt like something different went wrong on each one of them.My biggest piece of advice is to KEEP IT SIMPLE starting out. 

Biggest mistake I made was not keeping 50 or so more of the 500 I flipped, cost me millions, All the best  My last 3 multi families 2429 nw 81 3/2+ 3/2 purchased at 385 October 2441 nw 81  3/2+ 3/2 purchased at 400 October 441 nw 44th 3/2+2/1 purchased at 280 August again there’s deals , you just have to look.

On a related note, I would say that the biggest issue that small investors face is underbidding.

I have always been interested in home construction techniques that are different or older.Container homes, these sorts of shot-crete homes, bale homes etc.The biggest issue is not that fact that they will rent, for if they are in the right location, of course they will rent just fine.