Hey all, thanks in advance for your generous contributions to my knowledge by answering my questions.I am a looking to make my first out-of-state turnkey rental property investment and I'd like to hear about your warnings/bad experiences with these types of investments.

Hello I just purchased my first property that I plan to BRRRR and I’m sorry in advance if this is an obnoxious question but I don’t have any formal experience with residential construction (5 years in commercial and a fast learner/ YouTube is how I plan to research particular repairs) I’m looking for an either basic or comprehensive list of tools I will need for first demo-ing the existing insides (this is going to be a full gut job) and then a suggested tool list for finishing the house.. thanks in advance to anyone who contributes, I believe this post will come in handy for many others to get a head start and save time running to Home Depot on their first projects as well!

Reinvest cash flow along with W2 contributions.

For example, they assumed that you're buying a rental (buy and hold) property and that all partners will have equal contributions of money and participation. 

The relationship between the people contributing money and the person actually signing the mortgage is important.

As you saw that I am sure it was a shock, the very notion of selling is probably emotionally charged, and that's exactly why selling is the best thing you can do if your looking to be an investor.

One notion is to hunker down and wait this thing out for several months, with a solid tenant in place.

Thanks in advance for kind+thoughtful contributions and for being nice and respectful to me and your fellow posters!

@Todd GroomYou have a choice of 20+ tax experts who contribute to this forum.

Jason, to your specific question regarding additional screening.I'm continuing with the same screening as before which is: 650 credit score. 3x gross income, 1-year lease minimum with spring lease starting dates, previous landlord background checks, and criminal history only with the view as it contributes to the overall assessment and is not an automatic disqualified on its own.