@Michael Csrnko1) Make sure to use a pricing software like price labs or wheelhouse to have competitive pricing. 2) Don't always give refunds or credits to guests when they complain to get a 5 star review.

The second, neighboring 4 family we learned about from a tenant-neighbor.

The second, neighboring 4 family we learned about from a tenant-neighbor.

Let other people learn from your experience.A.  

I learned the hard way that I need the capacity to make the first mortgage payments in the event of default. 2009-10 still stings. 

Do what the old-timers did and learn to do better as you grow.

Not sure how I missed it originally - but it has rang true so far in our experience. 

Make sure that your LLC structure is solid, with proper insurance coverage in place, to protect your personal assets from any potential issues related to the rehab or the property itself.

I don't want to put boarding all over which would reduce my property value which is what my realtor is recommending me, but I am not sure if I am 100% in favor of it. 

Currently, we have learned a lot on how deals happen and what it takes to be a competitor in our market.