Lastly, just knowing your market, as intimately as you do accurately, is critical.

@Tam Nguyen   The costs in time and money for managing the more complex structure add up.

Nothing urkes me more than someone acting like they are a buyer, taking a property off the market then failing to find a buyer in time and having to walk way because they didn't have their stuff together and can't buy.

There was also another booking where they said it was a "no show" and the renters cancelled in time but they forgot to take it off the calendar.  

If the best comparable have already been built on, you can go back to the vacant land sale to see what the price is and try and adjust forward in time.  

There are two parts of BRRRR that have very little to do with mathematics, nothing to do with bankers and agents, and require intimate involvement with the property.Renovation: with or without the help of a general contractor, actual people have to fix actual problems with an actual structure within an actual budget.Renting: after the property is renovated, with or without the help of a property manager, tenants have to be placed and the property has to be successfully and profitably run over the long haul.These two things in the real world bear very little resemblance to crushing it in FarmVille.

You'd definitely want something like quickbooks if you're big enough, but Google Sheets is perfect for making tax time much more pleasant!

Not a pleasant question but I am going through a highly contested divorce. 

(unless you could refi exactly the same day that HML expired ).8) - One cannot be certain that long term financing will be available for long term hold investors even once seasoning has been satisfied.9) - Less experienced rehabbers may not have enough experience to flip a house in time or within budget to not default on the loan.10) - HMLs will require a licensed contractor to do the work so DIYers can't save by doing the work themselves.So this is my general understanding of Hard Money and how it can work for and against an investor.

My rental is in a lower middle class neighborhood and sometimes the conversations are not too pleasant and sometimes downright rude when they don't like my requirements.