Downside with FHA is that you have PMI for the life of the loan.What's the ARV?

The upsides seem pretty clear -- what are the dangers and downsides specific to car-washes? 

The only downside I can see is that it will be more difficult to evict a tenant.

Most brokerages today are not insanely different, but what makes the biggest difference is the people there.

When I lived in the property, I updated the kitchen with nice appliances, ceramic tile flooring and also renovated the flooring in the master bath as well as update a spare bath.I know the property will need a new roof within the next few years and I am sure there are other items that will be coming up at some point such as the water heater again and possibly the HVAC again.The downside to this property is that this area of our city took a pretty significant hit in 2013-2015 with city assessments and the property assessment went from $213,100 (2013) to $164,300 (2014).

The biggest things to understand: Buying right, getting the rehab amount correct, having a rehab contingency, completing the rehab on time, getting the ARV right, and being able to refinance out into good debt. 

As a Broker the biggest problem we encounter is a license performing licensed activities outside of the brokerage.   

One of the biggest mistakes is going outside of your criteria when it's taking longer than expected to get something under contract that fits your criteria.

Networking has been my biggest help in my real estate career. 

Only downside with Realquest (maybe they've changed this) is they don't provide photos.