If someone doesn't pay their rent, then it can take over a year to evict them, and then I'd be left paying that mortgage and fees for a lawyer, etc.

HOA fees, in particular, seem to be the biggest hurdle.

Unless your digging deep in that file and pulling from when the game was most similar to todays. 

At 18, start with wholesaling to find off-market deals and earn fees without capital.

5) What Placement Fee did you negotiate with your PMC?

Next, I tend to recommend that clients stay away from inflated HOA fees.

Foreclosure sale could sell at same price as original purchase, but with accrued interest and fees, all LP equity gone.At the end of the day, all LPs loses boil down to an issue with cash flow available and/or a decline in overall values.  

having a local commercial Banker is key I would never go with a national HML for construction.. unless I absolutely had to .. like right now I am at 1/2 point and 7%  for my vertical loans no junk fees and my bank even pays or the appraisals . :)  these are not credit score loans ( I mean I have a credit score) but thats just a formality its all about capital and relationships with your bankers and deposit relationships thats key as well.Yes your relationships with sub contractors will be a huge factor in profitability, both direct and indirect. 

Costs will seem high relative to the loan amount on these smaller loans, $5-6k in lender fees isn't uncommon. 

I signed up with them about 3 to 4 months ago, then found out how expensive the loan was to get going with them and told them that I would self finance it instead but they had to cancel the loan first...they use a company called Special Financing Company..the person I spoke to at REI his name is Paul, he said he would take care of canceling the loan, but a month later I realized that they were pulling $599 out of my bank account.