@Steve Kontos I am from NYC priced out of nyc thinking of investing out of state can you share some tips if u were starting out new like me ... what steps would u take to minimize costly mistakes cash flow is super important to me appreciation as well but need more monthly cash flow so thinking of only investing in 4 plex to create cushion if things go wrong with tenants or unexpected high price item breakdowns  

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

As I was listening I was like damn I did that by accident haha

Thanks for sharing how a project can go sideways in entirely unexpected ways and the dangers that HMLs could pose if that happens.Best of luck on the next one.

How can I obtain more financing so I don't go broke trying to finance my first flip - which of course is bound to have several unexpected expenses along the way.Should I look into getting a personal line of credit?

Meaning, starting NLT 60 days after you close, you have to move into the property for no less than 12 months (unless you're required to move due to unexpected PCS). 

Don't go cheap on either.I'd also want to talk to the septic pumping company the seller used to get a history over the last 5-10 years to see if it's been properly maintained.With recreational watercraft, consider liability insurance for accidents or deaths.The other potential zinger I see is flood insurance.  

We had to put in some expected repairs (electrical/plumbing) as well as very unexpected repairs (sewer line collapse/back up, emergency bathroom repairs including a new toilet/floor and subfloor/new fridge/new water heaterI think we spent 20k + that first year!

Also if you're investing out of state and get hit with an unexpected cap ex it's going to wipe your cashflow for quite some time.If you have people you trust and can rely on in other states that will help you manage and run your assets you stand a better chance of getting yourself a well-performing asset.Whatever you do, make sure you pad your proforma by adding in contingencies to your budget and by increasing your projected hold times.

Like car accidents etc.