Factor in any deferred maintenance you may have to do (i.e. plumbing, landscaping, paving road, etc).

Where experience will be a bigger factor would be on short term rehab, bridge, ground up deals or on perm loans for pure commercial properties (5+MF or other commercial types).

@Jason DiClemente this is more hypothetical, but I see where I messed up there not factoring the 70% LTV. 

I am still waiting for an insurance quote to have all my numbers to completely analyze the deal.. but I have the general picture down its looking like after everything I would have around a 25K profit.Pro's in my mind=-It's a complete renovation so I feel like that would cut out the "unforeseen issues" factor.- I am very confident in my ARV estimate because I just bought a home on the same street a few houses down- I will be a real estate agent by the time I would go to sell this house so I could save money/build my network etc..- The home would likely not be hard to rent, it's in a great neighborhoodCon's in my mind= -Its a huge project and I've never handled a straight up flip project let alone one this big.

To have a good PM relationship I would think the most important factor is making sure your priorities as the owner align well with the PMs priorities for how they handle your properties.

They advised that you got to your local Home Depot at 6am in the morning.

While meditating this morning (I'm trying out the miracle morning routine recommended by the latest podcast, committing myself to it for at least 30 days), one question came across my mind.

Spent the morning adding the Property Type for each lien.Many of the liens will redeem before the end of the auction, but the list as of the opening date shows 2,486 liens this year.

However, in my opinion, and experience you need to learn and gain a great understanding, of the various municipalities, with respect to demographics, pocket market appreciation/ depreciation, pocket market economic factors, demand for the need to rent, the needs of tenants such as close access to transportation and shopping, vacancy rates, etc.

There is a lot to learn here and location is one of the most important factors.