Im sure we are going to learn a lot, but would like to keep the first timer mistakes to a minimum! 

I was just involved in a transaction where the other side ended up owing us $20k from a relatively simple mistake.

. $500, cost of the appraisal, may seem like a lot but a $20,000 mistake will seem like a lot more!!

We have 23 rentals, and the first was our worst investment, and the last two (apartment buildings) were our best. 

Worst they can say is no so hit them super low!

Be conservative, be reasonable, prepare for the worst while you hope for the best.

As bad as everything above is, the worst part is that existing investments are not grandfathered in.   

Purchase price: $312,000 Cash invested: $10,000 My wife and I bought the worst house in the nicest neighborhood with the intent to DIY rehab and rent out after two years.

@Lamont Marable check your local building and fire codes...putting living space below grade carries a lot of life-safety requirements and needs to be permitted...worst case...if there is a fire and tenants cannot escape...and you knowingly put living space below grade without the required safeguards in place...RE investing career over...Just do it right if you venture down that path...hiring an architect is always the best approach to something like thisBest of luck

Hello, as I am pretty new to real estate investing I would like to avoid making a big mistake.