This is why most wholesalers fail, but if you make 2.5M on one deal, then you are likely on the beach somewhere.

Cell phones, credit cards, computers, hotel reservations... all failed.

It also is somewhat high profile since other developers have failed at it over the past 10 years so we have had some great local press for free!

They always say the main reason people don't become successful in real estate is because they fail to take the first steps.

My advice is this: Get the deal you want to work on and have your option period let you get out of it for little to no cost if you fail to find a loan or an investor.

He tried to rent at $995 and failed too.

By splitting things up your limiting your risk as each agent operates deferentially.I've seen PM company failed when they get behind the 8-ball on turning units, and cant dig themselves out, only to have your vacancies climb to the point you have to terminate the contract and dig things out with a new team.Generally speaking with large apartment complexes, you would have a full time PM that works only for that property, and no other properties or clients.

I have had a couple of bad deals as well @Mathew PezonThey all ended up being from my lack of experience and being to trusting of other people BIG MISTAKE I am sure you have heard the old saying trust but verify,very true in this businessYou need to be on the job everyday to make sure the work gets done properly or to your satisfaction, no excuses allowed on this oneRemember you only fail if you quit,if I can come back from my struggles you can as well Good luck on the next one

If they sell you a property based on pro forma ROI expectations and then fail to deliver, what's your recourse?

I failed to factor in capital expenditures (aka improvements over time, not just maintenance) and property management.