The longer it takes you to deal with the unexpected, or have to pull permits, etc. the more it eats into not only your actual reno budget, but longer you are carrying the property-paying taxes, insurance, utilities, etc. with no income.

@Mason HickmanAgreed.The COVID-19 caused really rapid increase of M 2 in a short period of time.Short term, the negative effect is obvious on rental late payment, disruption on various business, etc.I just felt like it might a huge positive effect on real estate price, unexpectedly to most people, due to M2 increase.Who knows, just gut feeling.

Hey BP Fam, Currently in a really tight situation with one of my projects and could use some advice. One of my projects that was supposed to be a gut cosmetic job has turned into a foundation nightmare. I need extra f...

If there isn't an additional $250-$350/month at minimum, it's going to be hard to cover any unexpected repairs (the number might be different in your area).- In looking at some properties before you meet, you might find a great deal, in which case you have an excellent conversation starter with a potential partner.This should give you some options to present to someone who is more experienced so they can answer some questions you've encountered, and you can start to zero in on the best areas to invest for a return, even if you don't find a perfect property right away.Hope this helps!

Another crucial component of liability protection is your insurance coverage.

Also, you may have unexpected repairs.

@Rick Figurasin If I were in your position, I would go for a VA purchase that has some value add components, such as minor updating or adding another unit.

For context, let's cover some Cost Segregation fundamentals, and explain the interaction between Land Value and Cost Segregation:Cost Segregation is the process of (a) segregating a "building" into its component parts and (b) allocating the lump-sum acquisition cost to those components.

-Now surely this cycle will ride itself out over the longer term but for those looking to acquire property in the now and plan on a value add component,  its almost gambling on the future refinance...not the position most are comfortable being in with millions of dollars involved.I have been running properties through the syndicated deal analyzer and other DSCR spreadsheets only to find inadequate COC, cash flow, AAR, you name it! 

You want to determine the age, condition, and usable life expectancy of all major components and appliances.