I made more mistakes during the boom, not buying based on the ability for the property to support itself but speculating on the fact that the market would never stop going up and would be the exit.When the market crashed I lost big because of that but when I regrouped, I learned how to buy in that market and those are the investments I still consider my best.

Besides a first time investor chances are he will overpay make other mistakes and somehow lose money on his first investment.  

Also, I like to point out that I did not try to imply anything about you or your project but as a lender I always analyze for worst case scenario.Good luck with you project,George

I should have realized I was able to use him from the beginning but he's a 'property manager' in my eyes and it didn't even occur to me he could have listed him - rookie mistake.

I thought California had to be the worst state to LLC in ($800 annual Fee and a small amount of tax), but Tennessee seems to be even worse ($300-3,000 annual Fee, a small franchise tax, and a big 6.5% excise tax).

Want to start out understanding taxes, etc. so I don't make a mistake from the get-go.Best,Scott

I always assume worst case in my renovation costs and base my offer on worst case.

No communication is the worst.

Generally, sellers use the NROC to weed out people that won't take care of the property, and eventually end up opting out.To be fair though, the L2O system is set up to reward the owner if the buyer makes a mistake, because they can keep getting NROC from new buyers when old ones are evicted/decide to move for whatever reason.  

HAHAHAHAH I absolutely LOVE when people make that mistake!