If you follow the instructions you cannot fail but remember that you must fill out all of the paperwork and complete the process in the time frames given. 

Its been almost two years and I still remember the feeling like it was yesterday of "woohoo, I'm licensed let's do this!....

When I get stressed (which happens to newbies and seasoned investors alike), I try to take a step back and remember my goals and why I'm doing what I'm doing. 

Remember that you need to put out 100 LOIs to get 1-3 properties.

I remember when I lived in NYC for most of my life my family used a local carrier for health coverage.

That's important to remember. 

We must remember that rental homes are little businesses, you wouldn't open up a new business without researching the customer demand in that market.

There is a form your accountant will fill out for the property, I don't remember the form name. 

Remember that hard-money loans typically charge significantly higher interest than a regular 30-year conventional loan, and they'll typically charge up-front points and fees as well (which I don't see in your budget).Your time budget for this rehab is 2 months. 

They are going to make or break your initial guest experience when they walk thru the door and cause you the most grief if they are not consistent and communicative.Just remember you are basically running a mini-hotel and there are a lot more moving pieces then a standard rental to pay attention to.