Save for Your First InvestmentCommon Pitfalls to Avoid:Don't rush into deals without proper due diligence.Avoid over-leveraging or taking on too much debt.Be cautious of "get rich quick" schemes; successful real estate investing takes time.Don't neglect legal and regulatory considerations.Remember, everyone's journey is unique, and there's no one-size-fits-all approach.

It sounds like a time share and you are footing the mortgage.

Many, ( like you) sit on the internet and think they are getting the proper info when its NOT reality.

For example, the costs to obtain the mortgage are typically amortized over the life of the loan.Real estate also offers expenses that do not involve cash coming out of your pocket. 

Market conditions need to be just right and you need the proper maintanance structure in place. 

If you're not having conversations with your hard money lenders like, 85-90%+ of the purchase price, 100% of your rehab costs and maybe even financing your mortgage payments, advanced draws on your construction budget, you might be risking more money out of pocket than you need to.

I have a couple questions in regards to setting up the proper entity as well as taxes. 1.

Keep in mind only the interest on your mortgage is tax deductible - not what goes toward principal.

Also I would make sure they are insured and if the work requires a license, they carry proper licenses. 

We have excellent credit and can quite easily qualify for a mortgage.2.