This will help cash flow and give you more monthly income to cover unexpected expenses.Without reserves or access to credit I would pass.

I had to leave town for the weekend unexpectedly but I should be able to send you the information this evening. 

You've never done this before and things can go wrong... unexpected stuff WILL come up. 

Plus, Our contractor was also in a major auto accident (not his fault), attacked by a dog (requiring skin grafts to close it up), had a grandmother in ICU, and had a young daughter who required specialized medical care out of town - all during our rehab project.  

Bureaucracy - Expect plenty of red tape, delays and unexpected problems.  

Just remember that unexpected challenges and issues may arise as you get into the construction, so always keep that in mind and plan accordingly (for both scheduling and budgeting purposes).

Brand new to real estate investing and frankly, it was by accident that my wife and I found out it was a very real option in our lives.

Make sure you can afford to fix something like say water heater or AC.....and have a unexpected vacancy at the same time.

Most syndicators are looking to refi after they've executed the value add portion of their plan and return a portion of their investor's capital, but a smart syndicator (conservative) wouldn't promise their investors that would happen, it's an unexpected bonus.

Something almost always goes unexpectedly in these BRRRRsRegardless of how you decide to invest, be sure to visit the market at least once and meet with any core team members you are considering working with before you close on a deal.