It’s reassuring to know there’s a supportive community of experienced investors willing to share their hard-earned lessons.I’ve taken a ton of notes and feel much more prepared to move forward with a smarter, more intentional approach.

There are a few things to note here:1.

Noted, thanks for the insight Pat!

So even if the cash flow is only 3% or 4% cash on cash, that’s enough to provide a protective layer to cover unexpected items.To me, the cash flow is NOT to put spendable cash in my pocket NOW but rather keep the property self supporting while it increases in value over the long term.In addition, every property a purchase has a cash reserve fund - call it my rainy day fund or my Sominex account (ie I can sleep at night knowing if the furnace goes out I have $8,000 in my reserve fund to replace it.)One final note, I have found once one reaches a certain net worth, cash flow no longer is a concern, there is always as much cash flow as anyone wants.Final note, who will have more cash flow someone with $1M investible cash or $3M investible cash?

I am in Madison, but set up a search in Sheboygan and Port Washington as we have some family in that area who thought could keep an eye on things and the entry prices are less (in Dane County the median MLS 4-unit sale this year is $603k with 31 sales and for Sheboygan Co. this year only saw 4 sales of 4-units noted, but a median price of $252k . 

Its solely a promissory note.

No paper towels, no "flushable wipes", no dental floss, no hygiene products, no tee shirts (real example). 

While I have not had this happen to me, as others noted there are a lot of steps that could be taken to avoid it.  

I will also note that the RC zoning district allows for quite a few extra units so you would get the best use out of your land by building a quadplex or something like that.if you are interested in going forward though I work part time at NOLA builds in town and they do great work for construction at all levels.feel free to reach out if you have more questions 

Note that FHA can be a great option at 3.5% down but don't rule out the 5% down conventional option either.