Also, after a year, the mortgage hasn't been paid down by much, especially if it's a 30 year mortgage.The only challenge you may run into is if you purchased it using a low or no money down mortgage option like FHA or VA lending.

The second challenge would be finding land in a decent enough area where building a rental makes sense.

Your challenges unfortunately are not that uncommon.   

Stabilizing inflation could create more predictable home prices and rental yields, but affordability challenges—especially in urban markets—remain a concern.

Hi @Stacie Telles,Finding lenders that offer cash-out refinancing with minimal or no seasoning periods can be challenging, as many conventional lenders require a six-month to one-year seasoning period.

The challenge for a PMC is having the time to answer all your HUNDREDS of questions and handholding you as you learn, while still making money.

Being a Navy public affairs officer and moving often sounds like a unique challenge, but it also gives you the chance to explore and invest in different markets.

Managing rentals when you are nearby can be challenging but out of state is pretty tought.

Laws, taxes, insurance, adventure, new challenge, grow skills, etc. 

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.