The biggest thing I learned was, I am an agent and in this situation, I could have explained early on what the sellers could net in the current condition and explained all the buyer pitfalls.

Most property management companies charge anywhere between 10-35% of your gross revenue.

@Brandon BeattyThanks Brandon, my biggest issue was understanding the new purchase price of the asset 

Hello Omari,I think the biggest step to take is to have a strategy discussion with your lender(s). 

There are lots of things that I have learned when rehabbing my unit and buying this first deal but the biggest thing I've learned (and am thankful for on my place) is buy something with good bones. 

The two biggest issues are property taxes and flood insurance.   

The biggest lesson learned was I needed to get access to the lending institution's pay off amount.

You'll save anywhere between 10-35% of your gross revenue.

The biggest lesson learned is to have reserves because you may be inheriting really bad tenants, so you'll need reserves to float you while things are getting worked out.

Because you mentioned managers, I am assuming you didn't use a service like fundrise.But, you can't estimate profit without estimating what your estimated revenue will be and subtracting all the costs.I.e, how much longer does the roof have, what portion of the rent is being budgeted for future repairs, who covers the cost of repairs, how does the tenant request repairs, what are all the expected monthly expenses, how much is the management team charging you, how do you know the management team is doing their job, what are the names of the contracting companies they are using if they are constructing the property.