The lessons you learned the hard way in 2008 will be invaluable now, and it’s great that you’re aiming to stay small-scale and within your comfort zone of Sacramento, which gives you an advantage of knowledge in that market.Given your experience, I'd say start by focusing on three key areas to build confidence and minimize risks:Budget Control: Over-renovating was one of the big mistakes you mentioned.

There is a provision in all my contracts that permit me to assign the contract to a newly-formed entity that I control.

A tall fence, tree, exterior paint can control a lot of things your guest see during their stay.

The regulations provide both insight and ambiguity.25% or more owner of the entity; OROne who exhibits significant control over the entity.

I'm in a beach area where Sat to Sat rentals have been traditional for 100 years, but not any longer since the rise of Airbnb (and less control by local property management companies).

After assembling a lot of bed frames, I prefer the Zinus brand, and I would recommend contract grade furniture.Don't forget to sign up for pest control and both a renter's and landlord policy on your insurance.Hi Miguel - I’m also looking at the midtown  Sacramento area for multifamily…what is “contract grade” furniture please ?

Also don’t forget landscaping and general pest control (termites) if applicable.

By understanding the costs you may encounter upfront, you can take control of the process.Here are just a few things experts say you should be thinking about as you plan ahead.1.

For practitioners in the real estate industry, the biggest challenge is not just the difficult work, high risks, or immense pressure, but the necessity to learn to let go of complete control over outcomes.

Leverage is a big factor in real estate investing, as investors can control large assets with relatively small down payments, increasing their potential returns (and risks).6.