Tons of seasoned members here to also help offer good advice as well as keep new investors from making mistakes.  

Plus, as mentioned your risk exposure would be huge if you didn't have a contract in hand to lease, plus they won't want to lease from you, because they are a Sticky or capture tenant.Start small and Make Your Big Mistakes Early.

The only mistake is that you didn't work with me!!!

The beauty of REI is there is no need to make the mistake my wife I  made early on thinking we could do it ourselves. 

I am just worried this might be a mistake as it as a high cash flowing property and my mortgage rate is a low 3.125%.

They fixed that mistake with the 2nd investment and declared it lost.It doesn't sound like AHP is declaring it lost yet.

I recommend educating yourself as best you can to avoid some common mistakes.

3) Dealing with Contractors: guess you found it's not as easy as the "gurus" make it out to be. 4) S8 slightly above.guarateed Rents: typical naive mistake.

I am just worried this might be a mistake as it as a high cash flowing property and my mortgage rate is a low 3.125%.

Have 2-3 contractors look at the job and get written estimates on what it's going to take to finish the job, correct the mistakes, pass occupancy certification etc. use those estimates in your countersuit / mediation process. 4.