Honestly, just be ready to learn as you go and keep asking questions.

We have been doing this in conjunction with renovating the primary residence, but are now looking towards futute goals and a future move as well, ideally keeping this property as a long term rental.Centrally, our aim here is to network and develop our skillset, to learn and grow.

(They won’t get to keep that $600k, the bank will own the property if they don’t get it back.

Quote from @Emmanuel Ola: Keep looking this is an evolution..

Aside from the misalignment of incentives, this little chart I created shows why I won't invest in deals with preferred returns.The only thing we know going into the deal is that the returns are projections and projections are always wrong. 

I think there’s some real synergy here, and we could come up with a solid plan to push these rural southeast projects forward.

In Texas an unpaid sub can put a lien on a property, sometimes as late as 4 months after the project finishes? 

Just keep doing the same thing that is working for you now. 

I prefer to work through a project manager(this can be a property manager or an independent designee).The role of the project manager is to be your eyes on the project and to be sure everything stays on schedule. 

I do not do the value add unless in projects at least 2x, but typically I am not achieving much better than 2x (I am not sure if I have ever gotten 3x).I think the rent point is too low to warrant keeping the properties as the cash flow will be challenging.