You have to do your interior renovations as tenants move, or leases expire and you give the tenant notice your not going to renew their lease.In really bad properties, you may need to kick out a building at time, which can be done with notice as long as your doing it for health and safety reasons, or the entire property. 

I notice that IRR is really manipulated but sliding cashflow up earlier than what will really happen so I don't look at that. 

My lender mentioned there is a 70 percent max LTV per Fannie Mae.

What that lender above was talking about is government loan rules:  FHA/Fannie/Freddie/USDA/VA....those are the majority of loans written in the US and that's what most banks will offer.

Ahh ok, I was under the impression that I needed to file it separately and give myself a K1 even for single member LLC's.I looked it up and noticed that personal rental income & losses get filed under schedule E while LLC income & losses get filed under schedule C. 

On day one I noticed the landing for the stairs didn’t have enough headroom clearance for code.

I actually messed both of these things up a bit and got very lucky with the amount of concessions for repairs I was able to get and the availability of a good crew with only a few days notice.

Being an agent, have you noticed signs of any corrections or pullbacks in the market you're in right now?

What pitfalls do you notice 1st time real estate investors getting into?

You could get a standard Fannie/Freddie loan in your personal name - which you could find for 75% max LTV for 30 yr fixed from most conventional banks or lenders.