I think a lot of the problem is that I don’t have really any people management experience, and some issues could have been identified early and mitigated.

You will also learn A LOT from your first property just by owning it and you'll want to mitigate your financial risks and get into good habits ASAP.  

Seems like this makes sense in terms of risk mitigation, estimating values/deals, etc.How do you go about finding the data to make such a classification especially as a new investor?

If there are hundreds of thousands of people doing it right now who have become wealthy, that should somewhat mitigate what others are telling you.

Over our 10+ years in the industry we have seen data that there is an almost unlimited high-end profit margin, but we also feel there is a relatively untapped and large inventory of lower profit flips available that most investors are not focusing on (that have multiple risk mitigation measures in place as well).Our goal is to find the balance of profit, risk, and consistency.

Others might be fine with taking risk, but least by doing this a person can get an idea of what might go wrong.e) Legal document analysis: it will usually take a few days to go through the legal document properly, as almost inevitably there are tons of gotchas that either have to be explained, or mitigated with a side letter.That is the very short summary of what I do.

They may be able to help negotiate with the lender on your behalf or provide alternative solutions to mitigate the impact of the increased escrow shortage.Additionally, you could explore refinancing your mortgage with a different lender to potentially lower your monthly payments and escrow requirements.

@Slaven Slugic, get hurricane shutters for the time being in order to receive the wind mitigation credit for insurance purposes.

Without knowing your personal financial situation, I would lean towards using strategies to mitigate the $65,000 loss each year or selling SFH2. 

Consider working with contractors or renovation specialists to obtain accurate cost estimates and assess the feasibility of your renovation plans within your budget constraints.Risk Mitigation: Keep in mind that renovations come with risks, including cost overruns, project delays, and unforeseen complications.