Overestimating costs and staying under budget is always a smart move, and it sounds like the renovation went smoothly.

Please let us know at biggerpockets.com/guest For this round we're specifically looking for folks who are now real estate investors who fall into one of two experiences:Did you start your real estate journey with a significant amount of savings you were able to stockpile to start your investing journey from a well paying full-time job?

We don't do an 80/20 or 70/30 rule as it doesn't give you any ground to stand on if ever audited. 

First, I would not start renos until it is closed unless you are doing something simple like painting. 

I’ll do well with it!

Short answer is as little as possible.The long answer is it depends on the deal.Typically you end up in a subject 2 situation when the current owner has little or no equity in the property, the current advantage of subject 2 properties is that most mortgages are below current market rates.Keep in mind when acquiring a property subject 2, in most instances you are not notifying the current lender of the change in ownership, and most if not all mortgages have a due on sale clause, which is the lender's decision if they want to enforce it or not.I personally like the idea its a great way to get investment properties with low rate loans, that with most likely appreciate in the coming years.

I feel like I’ve seen a few recent issues and curious what other investors have seen.1.

and would like to do a 1031 exchange to avoid cap gains taxes. 

They are one of our lending partners and are very well known in the investment space! 

I brought this situation up to my Lawyer and he stated that this would most likely be handled by whats called an ejectment, which is different than a eviction.