As a lender, we require flood insurance if the property is in a flood zone, which can eat into your cash flow if you want to hold the deal. 

Next time I will sub out more of the work... though I still love to paint and so some of the minor work:)Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Meet and talk with people who invest in real estate nearby, and pick areas that have a lot of people wanting to rent, good schools, easy access to public transport, and a chance for the property's value to go up.

Eventually I would like to set up some sort of "in-house" property management to cut back on these fees.If you are able to self-manage those rentals, though, then the fee is a non-issue!

A side note: I do plan on investing the money into another investment property (non primary) 

The advice, negotiation, referrals to inspectors, lenders, contractors, lawyers, title companies, etc.

She has a private lender that's been working with her & husband for some time now .

If you are worried about being over leveraged first look at your personal debts that are not producing income for you.Remember that when you are increasing equity in a property you are only reducing the risk of the lender.

The core 4 is David Greene’s long-distance investing strategy and consists of a realtor, contractor, property manager, and lender.

I am looking for a lender that can do this.