Special assessments or HOA or city related ordinancesAlso, if you did the math, and based on my personal observation, land lording as a means to financial freedom is very long and tedious unless you have some other form of income to break the cap rate on the property, or have some really innovative way to acquire property (but this often in itself needs some level of capital).If you have very little capital, I would save the money (i am generally risk averse), and use sweat equity, like being a realtor or wholesaler to build the funds to invest, then combine your knowledge with things like options trading is where it all comes together and makes sense. 

Flips are acquired with the intent to hold for sale and are not held for investment as required for tax-deferred exchange treatment under Section 1031.

Hi Adam,If you pay all cash to acquire the property (not including the repairs) and can document that it comes from your own account you can get what is called "delayed financing".

It's a nice physical break from playing on the ipad all day...Of course I love all the strategy involved with the financing, acquisition, and development associated with bringing a newly acquired property to its highest and best use.

Hard money might get you part of money you need to initially acquire property.

(A recorded trustee’s deed or similaralternative confirming amount paid by grantee to trustee may be substituted for a HUD-1) Preliminary title search or report must confirm there are no existing liens on thesubject property Sources of funds for purchase transaction are documented If the source of funds used to acquire the property was an unsecured loan or a loansecured by an asset other than the subject property, the HUD-1for the refi transactionmust reflect all cash-out proceeds be used to pay down, if applicable, the loan used topurchase the property.

What I am wondering is, how difficult is it to find someone who has the cash to acquire and fund real estate projects including rehab cost?

The tenant ledger I acquired from the property mgt company shows a tenant has been 5 days late every due date and I haven't received payment yet for this month.

Obviously a bad idea, but statistically some people will get away with it, then come on the forums and say exactly what you mention, perpetuating the cycle.However as you start acquiring more properties, which I'm assuming is most people's goal on here - to have a substantial amount of passive income - the more individual properties you have, the more chance of at least one big ticket item each year.

So I acquired a new building a few months ago and one of the units is occupied by three roommates (two of them are sisters and one is their friend).Their existing lease runs through October, but the friend is looking to move in with her boyfriend by July 1 and has already identified someone to sublet the apartment.