This is the #1 reason why most builder's fail, if they own the land, the carry costs are relatively low, but the moment they tap into the land equity for additional capital, is usually the moment they are finished. 

If you fail to follow the rules, you may open your personal assets to a lawsuit.

I’d save up until you can afford to buy close to home. 9 out of 10 out of state investors I’ve known have failed.

During the first year, my tenant failed to pay rent on time and sometimes we had to threaten him with eviction letters.

When problems arise later on the manufacturer says it's not the product that failed it's the contractors poor application of the product that is causing issues.

And, failing to disclose that there is a second position lien may be mortgage fraud. 

I couldn't even tell you what my process was for screening the management, but I failed miserably.

I've heard of being a J violation.Here's a linkhttps://www2.myfloridalicense.com/construction-industry/faqs/#:~:text=A%20%E2%80%9Cj%E2%80%9D%20violation%20is%20abandoning,failed%20to%20perform%20without%20cause.your contract may have an impact on the outcome. 

I think what most borrowers fail to recognize is that real estate is a long play.  

I took advantage of that for many years, but many people think that with the ongoing exodus of people from Cali, plus the continually increasing taxes and fees courtesy of your Governor, that Cali could very well start to fail.