Then, the permits taking longer than expected, the repairs budget going to the roof, getting new GCs, the property taxes increase, using the wrong debt and investing alone.

What specific steps should a new investor take to make sure distress is only cosmetic and not structural if we have no construction background?

For your first unit, unless hiring outside management which means giving up 20% of earnings, you're going to have quite a hurdle to operate a place remotely.I don't necessarily think looking at market specific data around the country and thinking you can just dive into that market and do well makes much sense.

I know you will find a ton of encouraging and helpful people here.Regarding HELOC I suggest you connect with my good friend @Michael Barbari...I believe they can still do up to 90% which is 10% more than most banks.If you need any other specific connections here in Chicago I am happy to provide them. 

Which specific property type would you recommend when you mentioned "turnkeys"?

I guess were not sure the best route to take and specifically how to take it.

Be sure to ask specific questions and you'll get specific answers. 

But I also make sure that my property has the most amenities as well, so it's not targeted at the budget shoppers. 

The IRS, in a now discontinued Publication 535, used to say:If you are an individual and your attempt to go into business is not successful, the expenses you had in trying to establish yourself in business fall into two categories.The costs you had before making a decision to acquire or begin a specific business.

I understand what motivated sellers are and when you do, you will see that you CAN NOT target them.So I focus all my energy into being the easiest person ALIVE to be found to a very specific audience: People that are willing to sell their house below market value".THAT is how and why my wholesale deals reach 6-figures+ consistently.Want more direction?