Over-budgeting is critical to ensure that renovations don’t eat into your profits.Market Fluctuations: If property values in your area do not appreciate as expected, or if you face a market downturn, the amount you can refinance for may be lower than anticipated.Financing Challenges: Securing financing for the initial purchase and rehab, as well as refinancing after the property is rehabbed, may be challenging, particularly if the property is located in an area with fluctuating values or if the rehab work doesn’t immediately improve the property’s appraised value.Tenant Risk: Rent collection and tenant management can be unpredictable.

A more realistic expectation is 24 hours which will ensure we can arrange any repairs or corrections with a team, handle it in person, etc. be curious how this plays out as I worked for local developer for a while and developed several properties in Alexandria (Specifically old town) and while the city is challenging like any city - they were mostly realistic.

If a PM handled similar situations, they would be using their HVAC go to technician, they would take a certain % of the total and add ontop of it for themself, parts would probably get marked up, it would be like 3x. 

Your son will be forced to sell or refi, and I bet you that this deal can't handle that situation. 

If you have this debt and need money, you may not be preparing yourself for the challenges of being a landlord.

Value and rents should eventually increase to turn cashflow positive and build your wealth.You're next learning experience will be, now that you are out of day-to-day management, how will you be able to handle the inevitable expense challenges?

You don't have a property manager, because if you did they would be handling these duties.  

Back in 2018, we encountered one of the most unusual title challenges we’ve ever faced while working on a multifamily wholesale deal.

Not every investor is willing to take on properties with these kinds of challenges, but if you can make it work, the rewards are huge.

Over time, we have developed systems to handle these situations as effectively as possible.