Knowing and hearing all the horror stories I realize there are alway way more expenses than you ever expect, so therefore we plan to collect $80k for every property, so we would haven about $30-40k left over for safety margin in which we can use for initial remodeling if needed, and any unexpected expenses that may come up.

The only viable strategy is to buy them at a very low cost.......We have some around 1830's but had to do extensive plumbing & electrical work.

If you put a property under contract then assign it than you have no closing costs, you simply collect a assignment fee at closing Do I have to hire an attorney?

I have considered MHP investing extensively and always run into the problem that there is no supply in Miami.

Personally, I don't collect security deposits.

In the majority of cases, if the foreclosure is in the first lien position then the subsequent loans secured by the property become unenforceable from a collection standpoint.

. #2 is Property Management - We pay 8% of rent collected and 50% of 1st month rent as a tenant find fee

This common use area was great for us, but now I have huge space that I am not collecting rent on.2.Not properly vetting my property manager.

Typically, until you reach a certain hurdle, you will not be collecting any sort of equity promote.

Collectively, we have 20+ years of experience with RTO and house flips in the Midwest.