@Cole Bossert I think @Sarah Kensinger and others have touched on the biggest qualities, especially communication.

The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Here are key adjustments:Kitchen ($50k): Likely $60k-$70k for custom cabinetry, quartz, and premium appliances.Bathrooms ($40k): Expect closer to $50k-$60k for four bathrooms with high-end finishes.Flooring ($20k): Likely $25k-$30k for engineered hardwood, refinishing, and tile.Exterior ($12k): More realistically $15k-$18k with landscaping and a quality front door.Misc.

Depending on local regulations, you can mix up STR/MTR/LTR. 2) Get systems in place in those exact cities; 2 PMs preferably via NARPM, 2 high quality inspectors, and rotating book of handyman, 1 lawyer, and a credit union contact for leverage along with investor friendly nationwide lenders.

But in my opinion, the biggest issue I see with folks jumping into their first "big" multifamily deal is the quality of the pro forma. 

My clients can "force appreciate" the value of the property by doing a quality rehab for a lower than market cost because they are very good at spotting "diamonds in the rough".

I'd hate for a temporary dip in the quality of the tenant pool to be giving my landlord "spidey sense" false alarms on account of taking an extra month or two to fill a unit.

After high school, I pursued a career in the military, where I proudly served for seven years.

You’ll want to invest in areas that have tenant interest but also aren't on the extreme end of neighborhood quality—this means avoiding the very toughest spots, where turnover can be high and managing tenants can be difficult.

I know sometimes no matter what everything just isn't for everyone however if you stick to quality service you'll hit the goal more times than not.