I think it's just a false believe that many people have taken on board as fact, but never actually checked.Here: https://www.urban.org/urban-wi...Where I live, the housing market is bananas.

I was taken in and deceived by one of the many divisions of Zurixx (at that point dba "Fast Track Flips", "Your Driven Success", and "Advanced Real Estate Education") I will be monitoring the lawsuit from the FTC and am hoping that someday I can get on board a class action lawsuit myself, as I was taken for the full $1997 + >$41,000 + the thousands spent on the people portrayed as a finance company (known as "Foundation Funding", which didn't fund anything, they just opened 4 credit cards in my name and charged me thousands for the service-in-disguise -- I'm sure was a division of this same organization). 

@Tyler Harrel Glad to have you on board BP!

Specifically,  what should the onboarding process look like?

We had to make our mortgage payments while collecting no rent, we spent $1,000 on the eviction, we had over $10,000 in repairs and it was a horrible beginning.As I look back on this story I know for certain that this horrible and tragic beginning could have kicked us out of the game if my wife was not 100% on board with our plan. 

I would highly recommend that if you go the design/bid/build approach you hire a cost estimator to keep a tab on your budget as you go.Another approach would be to go with a design/build approach where you have a contractor on board from the start who can give you realistic construction costs as you go.

And I agree with @Jd Martin we set the expectations in the beginning with the tenant by having an on-boarding review after they are accepted as tenants so that they know what is expected of us as a management company and also what is expected of them as a tenant. 

Welcome to BP Nation Greg, always great to have more CA members on board.

I have worked on dozens of apartment buildings and I think there is a lot of value in having a GC on board early in the process. 

I'm hoping to get an amazing property management team on board to get the property stabilized.