.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

Risk entails everything from lawsuits to lack of diversity in investments to low rates of return to high exposure to vacancy (more units theoretically lowers vacancy exposure).

If the pipe is 50 years old and had a life expectancy of 30 years, they're going to argue it was due to lack of care on your part and try to deny the claim. 

Here are a few lessons I learned during the renovation, many of which stemmed from the age of the house and unexpected hidden damages:1.Damaged Plumbing: Several plumbing pipes were ruptured or severely damaged, requiring replacement.2.Termite Infestation: I discovered termites, which led to additional costs for treatment and repairs.3.Rotted Wood: Significant sections of wood in the structure were rotted and had to be replaced.4.Lack of Insulation: There was no insulation in the att Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

There was more competition on the wash & fold side as there were definitely other companies operating in the area.Self-service was about half of our revenue and dry cleaning/wash & fold made up the other half.

Hindsight Critique•Continue to build relationships to increase deal flow•Property manager (Mercer Hughes) is critical to completing renovations and quick tenant placement•Continue to build relationships with private lenders and personal investors•Have cash available to make quick competitive offers Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Keep in mind it’s more than likely most of the competitive banks these days for real estate investing may not be local!  

For the NOLA duplex I have not yet fired her, I’m worried about the unknown but her lack of communication is forcing me into that action.

I appreciate the insight that you and John offered regarding the lack of value in the business itself and strictly the land + improvements.

I think the problem stems from your lack of decisiveness, and I'm not saying that as an insult.I'm with Theresa.