The costs for me are travel to the properties (mine are out of state), and my assistant that audits the property managers books, does K-1's and helps with investor communication. 

I have had good luck so far investing in Raytown, Independence, and South KC/Grandview.  

I have no real estate investing experience but I find the subject extremely fascinating and viable in regards to creating greater financial independence.

My primary motivations to jump into real estate is to reach Financial Independence and have greater control over my financial destiny.  

If you do the City has a long process including hiring an independent party (engineering) to verify the integrity of work done.

You will need to have the full construction funds and holding costs available on your own so this one consideration to keep in mind (the hard money lender reimburses you via draw schedule reimbursements).RehabAs the property is going through the purchase closing process, it's imperative to get three general contractors into the unit to provide independent rehabilitation quotes.

I started listening to BiggerPockets a year or so ago, and finally built up the nerve to take that next and join the community.I've learned a fair amount of real estate from the BiggerPockets podcasts and some independent research, but my actual experience is limited/non-existent.

It's not about being rich and quitting your job, it's about being financially independent to do what you want with your time!

If you're considering running an independent hotel, I would caution you. 

I would also steer clear from Craigslist, especially if you are remote.In my market I have met independent owner/managers and they are compelling.