The key is really focusing on the right neighborhoods, knowing your numbers, and being patient for the right opportunities.As for the fix-and-flip market, the lower entry costs can definitely make it a great place to start, but you've got to be mindful of renovation budgets and timelines.

This should be signed infront of an attorney.A basketball player had his soon to be wife finally sign the prenup on the day of the wedding....

Their budgets are HUGE [I've seen up to $10K/monthly a furnished home].

- Evictions - do you budget this cost into your underwriting?

Many seasoned investors are willing to share insights, and shadowing someone experienced can fast-track your learning curve.You’ll also want to familiarize yourself with the numbers behind successful flips—acquisition costs, renovation budgets, and after-repair value (ARV).

Does anyone have any excel/spreadsheet templates they use for organization and having a place where you store that budgeting and timeline information?

Here are some common pitfalls I see for new investors from the private lending perspective:• Insufficient Funds: most lenders are going to be able to lend a first-time investor somewhere around 75-80% of the purchase price of an existing property + 100% of your estimated rehab budget (or an 80/100 loan, for short).

At the end of the day, if you have a tenant you want to keep, talk with the tenant and see if you can get on the same page with them to align your goals as an investor with their goals and budget for their housing. 

Practice tips include budgeting, saving, and leveraging strengths.

If both the criteria make sense, I am looking at the property in person and planning to make an offer if within my budget.