It's usually quiet even though the overall neighborhood isn't great.

Even though we live in earthquake country, this was a new experience for us.

If the tenant is from another state, a background check cost of up to $25 may also apply (sec. 704.085).It is unclear to me if I am actually in breach of this rule by charging the tenant more than the $25 limit, even though it is through a third party.

Always budget extra for surprises.Skipping Permits – Even small renovations may require permits.

Unfortunately, it's near impossible to find anything over 10% cap rate and 10-20% CoC return... even in the midwest, you won't find anything like that.

NJ is a big one—places like Newark, Paterson, or even smaller towns have better cash flow potential.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Here is a mistake / aha moment: cost segregation studies are worth it, even for a portfolio of  smaller properties!

The idea is simple: purchase a property, live in one part, and rent out the rest to offset your mortgage or even generate profit.

My focus leans more toward equity appreciation than cash flow, and as a rookie investor, I’m aiming to put aside about $25-30k for investments each year.In the meantime, I’m looking to connect with like-minded folks here for mentorship, partnerships, apprenticeships, and even collaborations.Would love to hear your thoughts, advice, or anything you think might help as I continue piecing everything together!