Quote from @Vanessa Lule: Hi all,I’m in talks with a landlord about leasing a property for $3,600/month, but that’s above my budget.

Eliminate debt, establish a budget, and save.

There are cases of local governments delaying payment due to budget constraints.

This setup ensures every project stays on schedule and within budget, which is huge in a market where timing is everything.3.

It was certainly stressful to do a rehab loan (non-recourse) and refinance with non recourse loan and budget the renovations.

Hard money is expensive.Some questions to ask yourself to assess risk:Do you have access to a reliable contractor who can complete the work on time and stick within a budget?

If you came to me with an unlimited budget and asked me the most desirable place to live on Earth, my response would be Malibu or the Pacific Palisades. 

Transparency is key- detailed budgets, timelines, and exit strategies will set you apart.That said, moving to a new home mid-project could add a lot of stress.

If budget is an issue, this is likely a more economical and creative way of going about getting into multi family. 

I would like to think in a way that investment in general, and the real estate investment, start with a solid economic reason - "Why do you Invest, where you invested".To elaborate on below - Vegas is a great example where no real economic driver exists and when you invest there, you should be aware that is a highly volatile market (side note: i both 2 properties there in 2011 and 2012 and i sold both this year) and you should pay an extra attention and be prepare to reposition capital.It's clear, if you invest in Vegas or Orlando (just 2x entertainment cities) you will expect ups and downs and you need to position yourself with extra reserves and extra caution if you are planning to stay in these market for long term.