I have been interview these folks and almost down to the right folks.What I am seeking from the community is experience from those that have done this and have been successful but also those that have pitfalls to learn from those to either not make the same mistake, or do what works. 

Probably the most common mistakes made in the development business by non builder property owners.

Believing there is less risk because you are investing a small amount of money (in this case using only a 5% down payment) is the second biggest mistake you are making behind purchasing this asset property in the first place. 

However, what are some common mistakes beginner real estate investors/Rehab flippers make?

When buying the house, we made the mistake of getting an inspector recommended by our realtor who seemed credible and detail-oriented but I think just wanted to get us into the house.

------------------------------------------------------------------------------------Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

While this is regular due diligence, mistakes can be made when the market is hot and you have to move fast.

"A smart person learns from his mistakes, but a truly wise person learns from the mistakes of others" - Ken Schramm

Or, the trust (with trustee other than yourself) owns the property with LLC as beneficiary.Costs: LLC registration, annual secretary of state fees, agent for service fees, bookkeeping fees, tax prep fees, attorney fees to unravel structure mistakes, others I can't think of.Also, there are challenges getting title insurance, property insurance and loans for a trust.This is a way to get your name out of public record, no comment on whether it's good or bad. 

The population is almost half of what it used to be 2010, property values are going down, median home prices -1.5%,..You are making the classic nooby mistake looking at cashflow as your #1 criteria.