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.

The early-paying tenant owes you the rent; paying the seller was their mistake and theirs to resolve. 

Eliminate debt, establish a budget, and save.

I’m not making the same mistakes with my money again, nor will I allow investors who made their name in part on BiggerPockets to go unexposed if they treat investors poorly, lose huge amounts of investor money, or clearly mismanage funds.We are starting PassivePockets.com and launch it in June. 

It has yet to happen for an RE related event but my last threat of being sued was last month (and unlike most suing threats, we had made some minor mistakes on this one).

Eliminate debt, establish a budget, and save.

I know investing with family can possibly hurt relationships if things don't go well, so I don't want to make any big mistakes since this is a large amount of my parents inheritance. 

As a business, a judge will expect YOU to know all the laws and legal procedures.Make a minor mistake and the judge is unlikely to give you a break and may rule in the tenant's favor.The judge will see the tenant as a consumer and may give them a lot of leeway in court, even give them borderline legal advice.You are in over your head, not having the knowledge to properly handle this.

No off-street parking = not worth doing MTR unless it meets all of the following: super urban area where no parking is the norm, highly desirable area with a ton of MTR demand, super safe part of the city, and has great public transportation (think NYC, Hoboken NJ, etc.)Unless it meets all of the criteria above, I pass on those opportunities because my MTR will be eliminating the many people that travel with their vehicles.

Day traders are not exempt unless they elect mark-to-market (MTM) accounting, which eliminates wash sale tracking but taxes gains as ordinary income.To manage taxes, track trades closely, avoid overlapping purchases, or consider MTM election if trading actively.