I will share my "Most Expensive Lesson" in the comments.To kick things off, here are ten examples of expensive lessons or mistakes in real estate investing:Underestimated Repairs: The classic pitfall where the cost of repairs and renovations far exceeds initial estimates, impacting the overall budget and profitability.Tax Liens: Failing to account for or being unaware of existing tax liens on a property can result in unexpected financial burdens.Contractor Liens: Not settling payments or disputes with contractors can lead to liens against your property, complicating sales or refinancing.HOA Fines: Overlooking or violating Homeowners Association (HOA) rules can lead to significant fines and headaches.Bad Loan Products: Opting for loan products without fully understanding their terms can lead to unfavorable financial conditions, such as higher interest rates or unfavorable repayment terms.Ignoring Zoning Laws: Investing in a property without a clear understanding of local zoning laws may restrict its use, affecting your investment strategy.Overpaying for a Property: Lack of research or getting caught in a bidding war can result in paying much more than the property's worth.Neglecting Due Diligence: Skipping thorough inspections and background checks can uncover unpleasant surprises after the purchase is finalized.Poor Tenant Screening: Failing to properly screen tenants can lead to unpaid rent, property damage, and costly evictions.Underestimating Market Risk: Not considering market fluctuations can lead to investments that don't pay off as expected, especially in volatile or declining markets.We've all been there in one way or another, facing setbacks that seemed daunting at the time.

I understand the fundamentals of buy and hold investing, but what I would really love to learn more about is the BRRRR strategy and the renovation process. 

I don't know what they spent for the renovation. 

If the latter, you can refinance in 6 months to a year (as the value of the property will likely go up with a renovation) and get the equity out to buy your next investment property.

The first is interest rates, when interest rates are at or near a projected cap rate, it does not have any significant benefit, but has significant risk.

There’s been some turnover and each time we’ve renovated the unit, and the newly renovated units now rent for $900 plus paying for heat when the new heat system is done.

Thanks in advance for your responses.What is the update on this project? 

Tell me about your projects!

I only looked at two projects in Jacksonville, the Western Way quads and the Jammes Road quads.

I own a recently renovated duplex in the DTLA/Westlake area and I have been searching for a local property management company with experience in lower-income, multi-unit zoned neighborhoods.