If I was buying in a city market in an unrestricted area, I would make sure it is a good deal as a MTR or LTR at worst case so you can switch if you ever have to.

Quote from @Marc Shin: @Andrew Steffens If i lower my price too much will I attract the worst guests? 

I will be very careful with my first investment if I were you, unless you have a rich father or uncle who is willing to finance your mistake.

Here is a mistake / aha moment: cost segregation studies are worth it, even for a portfolio of  smaller properties!

And what’s one mistake you’d tell someone new to avoid?

@Patricia Smith Even if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

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.

during the 2000s before the crash we got up to about 3 mil a month in lower balance high profit loans and were between 30 to 40 mil out.. we originated all our own loans.. do not trust brokers all my worst deals came from them.. this took about 12 people..

I can tell you from experience one bedroom condos are among the worst long term real estate investment performers.

It will not replace humans in any shape or form, opendoor tried it, listing spark tried it, they are the two worst companies to deal with.