Fast forward to present time, I never got to complete the house and lost over $200K on the deal. 

My advice for you is to spend time learning about the real estate market and know your investment strategy. 

I get told the word “Patience” everyday and it becomes more and more prevalent every time I hear it. 

One of the best things you can do right now is educate yourself.

We really like that this maximizes revenue with out having to turn a units 8-12 times a month. 

I’m looking at getting one for a long term rental. 

Is it enough to just visit a couple time to get validation on desired location or is a 6-12 month stay needed?

The lease termination fee needs to be paid at the time they request this, do not substitute the security deposit for this purpose.This will ensure compensation for time, money and effort needed for a tenant turnover, including advertising and showing costs, regular repairs, utilities during vacancy etc.

Hi guys - we are about to close on a property soon in Philly and are planning to do the following work -
-Add HVAC, Add a full bathroom and add a half bathroom, Fix kitchen (keep same layout)My contractor is saying ...

You could split the bill each month and pass it on to the tenants but that's just one more thing to deal with.