Also, I would be delighted to connect with investors who are active in my area.

Do you have anyone you use for repairs, this will be a consideration done the road.Second, you will want to factor in reserves for the unexpected. 

Dealing with unexpected issues like this can be stressful and disappointing… However I do not feel you did yourself or the property honor by allowing this information to scare you into feeling the property was worthless, or that as you relayed the mold could “ruin a foundation”… (foundations are ruined by much more signifiant factors and not that of mold) I feel you were intimidated here, my friend.

One way to try to minimize this is to eventually ladder your capital into several deals so that when payoffs come, sometimes unexpectedly, not all your capital is idle.

Hi,I have a wonderful tenant who unexpectedly became very ill and now finds herself having a hard time paying rent.  

Chris’ recent trip to IMN’s Build for Rent conference unexpectedly brought Chris back not only to his early real estate days, but also his high school days.

Mitch is spot on in terms of getting a realistic repair estimate (and don't forget to add a contingency because no matter how much experience you have there will always be something that comes up unexpected and adds time and cost) is key. 

Hard lessons:-unexpected things will happen at the worst time. starting a vacation in the BVIs and you get that dreaded tenant call. the window fell out or there is a heat issue. 

Do you get unexpected expenses/invoices?

You will also need to find the right seller that is not in rush to sell the property and is willing to work with you on how long you can be in contract as this type of loan can have unexpected delays with so many other moving parts.