I think you need to focus on one strategy first before you explore too many different options.

Second, the ownership of the relinquished property and the replacement property in the three (3) Private Letter Rulings involved two distinctly different taxpayers.

I didn't know there was a different type of insurance that I needed.I had bought the home with a standard mortgage and standard insurance and then I decided later that I would flip it. 

Here are five dangerous provisions to watch for in an Operating Agreement:Dangerous Provisions to Watch:Authority to incur debt without investor approvalPower to make loans to other entities/projectsAbility to cross-collateralize with other propertiesPermission to use investor capital for other venturesCommingling of funds across different projectsWhy These Are Potential Ponzi Indicators:• New investor funds could be used to pay existing investors• Project-to-project lending can mask poor performance• Cross-collateralization puts your investment at risk for others' failures• Commingling enables masking of financial problems• Lack of project segregation enables fraudulent schemesProtective Measures to Look For:Strict single-purpose entity requirementsProject-specific bank accountsDebt limitations and investor approval requirementsProhibited related-party lendingClear fund segregation requirementsProfessional Best Practice:Request bank statements showing separate accounts for each project.

Investors should be prepared for different outcomes and adjust their strategies accordingly.

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Talking to others also gave me insight into different markets and strategies, which made it easier to figure out where I wanted to focus my efforts.A simple tip I’d give is to start small and grow gradually.

We do a different version of BRRR it's Build - Rent - Refinance - Repeat.

Can keep track of different tenants.

Investing is different from speculating, in that it’s data driven and therefor predictable and you have factors that play in that covers your downside and strengthen your chance of upside.