See when materials get delivered, etc.This last one is debatable but It works for me.Not utilizing rewards or cash back credit cards during renovation projects to maximize ROI.

When there's tenants already occupying the property, there's often times different leases that were signed among the tenants.Additionally, renting by room usually sees higher tenant turnover which in turn causes more work for the PM.Other challenges to consider:- Disputes/conflicts among tenants (different personalities if a tenant doesn't know the others prior)- Occupancy limits- Splitting utilities (what if someone uses more water?)

I would include at least the heavy hitters like title insurance, transfer taxes, appraisal, and paying my closing agent.

Since you said both units are rented, I'm assuming you are utilizing the LTR strategy?

Utility Costs (Water, Gas, Electricity):- Paid monthly by the tenant unless included in rent.

It felt like a no-brainer for the value of the land, but being able to utilize a traditional mortgage because there was a clean yet simple 3 bed 2 bath house on the lot made the deal even sweeter!

Maybe they work for the fiber company and they want to put some kind of utility hub there.   

The heavy cleaning and repair costs after longer stays are definitely pain points but I've seen my clients make it work by screening the tenants more carefully for MTRs, doing bi-monthly checks to catch issues early, and writing clear lease terms about maintaining the property.

Fewer banks willing to give credit for imputed equity even if generated through heavy lift entitlements. 

The basic idea of having an appreciative asset that I could potentially utilize later in life in a multitude of ways is exciting.