Quote from @Todd Anderson: @Benjamin Ying,First off Congrats at making the decision to get started into REI and getting involved with BP. 

This can put a significant strain on your finances and cash flowThey also often require a large down payment themselves and may have a strict repayment schedule that can be difficult to meet, especially if there are unforeseen circumstances or delays in renting the property or generating income from itIn addition, relying on this type of loan may expose you to higher financial stress and the possibility of default if you are unable to meet your loan obligationsThe final decision depends on your overall financial situation, risk tolerance, and your ability to manage the associated costs and obligations

Insurance was way more expensive this time—which I've heard is a nation-wide phenomenon—and it's the first time since the NAR settlement that we've purchased, so we had to cover part of our agent's compensation.

I was feeling really overwhelmed with thinking about what real estate strategy I wanted to pursue and I was going in circles for over a year not making a decision.

The Homeowners Insurance will include Builder's Risk.

I can sell it at any time for a profit, so I'm hoping to let it run and pay for itself for a while before we make another decision on it.

I made the mistake of letting someone get in one of my first units that was a bit off the 3 times, they were great tenants very kind and enjoyed their stay and experience with me, but could not afford it when I increased the rent on them, which is something you will have to do because of rising insurance/tax costs.5.)

We were initially looking out of state for a potential move and or investment property just because the property taxes without being able to homestead, plus high cost of insurance, and harsh weather on homes made me feel like it might not be worth it.

I had too many rush loans come in during that week the insurance and appraisal came in."

I feel like there’s a balance between being decisive and being reckless, and I’d love to hear how you guys approach this.