You will make mistakes.

This is NOT to pile on as hindsight is 20/20, but maybe some one else reading this will see this and avoid this same mistake. 

This home had a HUGE delay that cost us thousands of dollars.The group that put in the underground plumbing dug the plumbing too low, and by the time we caught the mistake, the slab had already been poured and the septic tanks installed.We had to dig up the septic tanks, install a lift station, and reinstall the septic tanks.This all happened during 2 hurricanes, which caused even more delays.Time kills deals.This is why you need to 1) be conservative with your timelines and costs, 2) add contingencies to your budgets, and 3) have a healthy profit margin.

Hi Mario C,I do agree with you that having a coach/mentor is worth the price of the mentorship to avoid costly mistakes.

I used a friend for the mortgage (who was new) which was a mistake... my financing fell through on the day of closing in July.

Learn from other people's mistakes - It is SO EASY TO RUSH into real estate investing instead of finding people who have done what you want to do and work with them. 

On paper, it's a good asset with a good rate to work off of, but thinking you can easily convert both units to 3-bedrooms in Queens is a mistake, one that could cost you.

@Courtney HamiltonRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

.### Avoid Common MistakesBe cautious of common mistakes like underestimating repair costs, not having a solid exit strategy, and overpaying for the property.

Challenge is, finding a PMC that meets your expectations and is organized well enough to consistently deliver.Read on for our copy & paste advice about screening PMCs:-----------------------------------------------------------------------------Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.