And a topic that isn't discussed enough.I think a lot of investors kind of fall into the "set it and forget it" mode after the property closes and it starts performing.

Your safety net comes from your established reserves for each property... many investors do 3 months (banks like that number), while others have whatever number works with their business plan.

Now its in ZEN mode for learning, listening and building a foundation for my future process, building my team and hopefully seeing success in the end.Reading the "Ultimate Guide" soaking up the "20,000 Foot' view!

Equally, or perhaps, even more importantly, going the extra mile on the renovation scope is a safety play for me and my investors in case of a down-turn because if there is a flight to quality, we will be holding the quality that very likely no one else has in our sub-markets and price-point.

"ALL the plaster has to be stripped, ALL the subfloor must go, the blower motor on the furnace can't be replaced for $250, the whole furnace has to be replaced for $6K, we can't use a mix of select and common-grade hardwood flooring, it all has to be select, even in the closets and the middle of a Western PA living room floor that's going to be covered by rugs 4 seasons of the year...OF COURSE we have to have ALL the brick professionally repointed in the renovation, it's a SAFETY HAZARD the way it is!" 

I have no choice but to fix the structural and plumbing issues or there will be other safety issues if I don’t.

Both, in terms of investment returns and safety we should focus on strong value add.

The goals are to: keep your living expenses at or below your current rent, build equity in your appreciating market, learn the ins and outs of REI / land lording.Take the rest of your capital (minus a responsible safety fund) and deploy it in out-of-state MFRs of ever-increasing size.

For me FIRE is about having a significant safety cushion for when LIFE happens. 

Caveat is I do agree with the general 70% rule as a safety net on lower dollar flips.