The rules aren’t often enforced, but I’d be more worried about getting caught up in a lawsuit with no errors and omissions insurance protection personally.

Pretty typical rookie mistake from what I've learned since then.

Let's say ARV is $300k, and sale costs are combined 8% so $276k net sale, that puts you at 80% of the total cost, it gives you a ton of margin for errors and mistakes that I would almost promise you will happen in a project like this. 

In the book, I share the story of a woman who lost over $40,000 in five years through rookie mistakes. 

Hey fam!
I'm Daniel, a complete newbie in this field, to be quite honest. But my background and experience is in Business Development, and Marketing Strategy in close integration with sales, so I figure I at least h...

Podcasts like BiggerPockets Real Estate Podcast, BiggerPockets Money Podcast, Real Estate Rookie Podcast, Old Dawg's REI Network Podcast, and the Real Estate InvestHER Show offer valuable lessons for beginners and pros alike. 

Reporting is terrible and full of errors, so if there is an issue, you won't find out til it's too late.

I was just on the BP Rookie podcast, talking about virtual assistants, and this community has been incredibly welcoming.

You could read 100 books and still need to learn more because certain things must be learned through trial and error.

Anything too much has larger room for error on your first property since you are new to real estate and learning how to work with contractors and tenants.