Make sure you've got cash reserves for closing costs (around 2-5% of the purchase price, repairs and maintenance (aim for 1-2% of property value annually), vacancy periods (budget for 3-5 months of expenses), property management (if you're not self-managing), emergency funds for unexpected repairs.When choosing markets, look for those with stable job markets, growing population, and strong rental demand.

You will be surprised. 

Do not be surprised if you lose your entire investment and maybe more, if you have a recourse loan.On the other hand, real estate is a forgiving asset class.  

Don't be surprised if the insurance company has the family provide the security deposit.

In terms of, acquisition costs, holding costs, renovation costs, and selling costs.I want to be able to minimize risk and not be surprised when some other cost comes by.Right now, this is what i've got:Acquisition costs:1. 

I'm frequently surprised at how some people live. 

I'd actually be surprised if you can get a bank to finance an STR - most of them IME stay away from those, particularly if you're a newbie. 

It's supposed to ensure there are no surprises after closing.

They've done multiple video preentations of their company.I'm surprised though that there is a complete dearth of reviews, articles, comments about them except for their own maketing material.Did either of you go with them? 

For flipping, focus on accurate ARV estimates and budgeting for unexpected costs, while for BRRRR, building strong relationships with local lenders that can help streamline your hard money into your refinancing.