I assisted a lady with a personal budget this week.  

My budget is $75,000 and would like to get at least two properties with this amount.

. $116K, that includes budgeting for capex ($30/month/unit), a 3% vacancy and a 5% property management fee.

I understand foreclosure is expensive and takes a great deal of time, but if it's budgeted in, there's been solid due diligence, and #'s work out even factoring in a potential foreclosure, what kind of "landmines" are out there? 

Initially, the plan may be to flip, but what happens if you go over budget, the market softens, etc?

Stephen McClanahan if it's a new house should I expect to budget for much more expenses besides HOA?

Use a more realistic budget for your projections (~50% expense ratio is a good rule of thumb) when analyzing a deal.

Just budget new towels and sheets more often than you think.

MFR, as well as what your budget it.Happy to chat in more detail anytime if you want to reach out!

I use for all my budget accts.