I understand foreclosure is expensive and takes a great deal of time, but if it's budgeted in, there's been solid due diligence, and #'s work out even factoring in a potential foreclosure, what kind of "landmines" are out there? 

Initially, the plan may be to flip, but what happens if you go over budget, the market softens, etc?

Stephen McClanahan if it's a new house should I expect to budget for much more expenses besides HOA?

Use a more realistic budget for your projections (~50% expense ratio is a good rule of thumb) when analyzing a deal.

Just budget new towels and sheets more often than you think.

MFR, as well as what your budget it.Happy to chat in more detail anytime if you want to reach out!

I use for all my budget accts. 

For people on a budget, low cash flow and high need for business, TRUSTING yourself is the best way to do your business until you are up and running effectively so as to hire a person once or twice a month to do your mailings for you!

Lilly Nevers Baltimore is a very good buy/hold market, if you know what you are doing, and where you are investing.Although, location is very important since Baltimore changes almost every block, budget and what kind of renter you want to get also important.You can shoot me a message any time, and I would be happy to help anyway I can.

If the property is in newer/nicer condition, you could budget for less.