Closing costs are your biggest expenses.

Biggest opportunity for mistakes is future capex; make sure you understand what will be necessary in the next 5/10/15 years...! 

The analysis all happens up front, and what I found is that my biggest bottleneck was getting out to show properties.

The biggest risk in this process, and the one I think many underestimate, is the rehab piece. 

The biggest drawback is paying for closing again, like $8k (it's a VA streamline so there is an additional $1k on top of the other fees) but that will more than pay for itself in interest saved.

Hi James, whilst I'm the biggest fan of real estate agents & I totally believe in your value you bring to the process, I'm actually looking for perspectives from the purchasers.

I needed to caulk, trim paint and the biggest thing was pressure washing the rear deck because the previous tenant had potted plants on it for 4 years... a bit of a pain because it's a very humid environment down here so wood rot is prevalent.     

. - your max loan sizing can up to 70-75% of your appraisal on investment cashout and is NOT limited by cashflow however the cashflow you do file or can document with your lease agreements or taxes will help offset and help you qualify for the cashout as well- cash out is 6 months title seasoning through your name personally or through entities you controlled a majority stake in (51% or over)The down side on residential conventional financing is that you can only finance the properties in your personal name at closing or your living trust. 

I think water and sewer line would be the biggest hurdle besides the zoning..

The only downside of a HELOC is that if the market is to take a poo the bank can put a stop on your credit line at any time.