In addition to that, building your network is key.

My best advice is find a place that has a few rooms with square footage to add additional rooms and an ADU.

Flipping a brand new home likely wouldn’t bring much profit - especially after having to close twice when you first buy it, and later sell it.Maybe you have millions to spend and I’m just missing the big picture… but when I think of “income” I’m usually thinking “net income” after you factor in expenses, like purchase price or building costs?  

States Can Still Require Additional FilingsEven though 506(b) offerings are exempt from state registration, individual states can still require notice filings and fees.

The 2-3% points in extra cost are worth it if you plan on using as I described above because the use would be for a few  months at most and due to that short term use you can survive a rate adjustment up.But, if you have no plan to payoff the debt like when using for a down payment on a long term hold why pay the extra cost for flexibility and have the additional risk of the adjustable rate with the amortization looming when you can get a fixed rate second mortgage. 

Every time I change cleaners, I spend at least 3-5 hours retraining on my processes and expectations and even then things are missed.

However what happens when the tenant vacates and now the unit has to be turned over/takes a few months to find a new tenant and during that same period of time the sewer line goes and you get hit with that $15,000 cap ex expense in addition to the vacancy and turn over costs.

Regarding insurance adding additional umbrella insurance is great idea. 

Could be the best money you spend on the deal!

But in my experience, you would be better off spending that same amount of time/hustle working a second part-time job with guaranteed income, then investing in buy-and-hold properties.