I made the mistake of letting someone get in one of my first units that was a bit off the 3 times, they were great tenants very kind and enjoyed their stay and experience with me, but could not afford it when I increased the rent on them, which is something you will have to do because of rising insurance/tax costs.5.)

Early on, I made the mistake of chasing deals without first defining the endgame.

@Ike Okwerekwu Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

We made a lot of mistakes like working in the wrong order and doing work just to keep my employees busy.

Many investors if they make a mistake can recover as long as they took risk proportional to their tolerance and income.

You will gain experience with each project so don't let set backs discourage you but always try and learn from any mistakes.

I made the mistake of consolidating nearly all of my due diligence specifically to RTR, and was less diligent when it came to evaluating their partners. 

E&O insurance isn’t mandated but is a standard practice in the industry to protect against mistakes or oversights.

Connecting with experienced investors or joining local real estate groups can provide valuable insights and help you avoid costly mistakes.

Many out-of-state investors make big mistakes that cost them far more than a property manager would charge.