IRS audits and penalties: Studies that are poorly conducted may be full of unsubstantiated assumptions and errors that can lead to expensive audits and large financial penalties from the IRS.Long-term issues: Dealing with IRS audits and having to correct inaccurate studies can be a drawn-out, stressful and expensive process.

What you're asking about is the hardest part of the entire process.

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

Thinking the foreclosure process is similar to repossessing a car and if a payment is missed they can “just take over” the property3.

I'll add my personal process.

If you know the owners who did it, talk to them and find out the process and what they needed to do.

The challenges I faced in the process was negotiating with private lendersDid you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

After that, you know what the process looks like, and it will go a lot smoother later on if you want to sell the condo to buy a second multifamily home.

Talk with your RE agent about properties your interested in and try to visualize the cost, process and time invested.

That shaves 4-6 weeks off the process.