Defaulting on a loan typically leads to a drop in your credit score, which can affect your ability to secure financing in the future.

I already have experience working on the construction side of things so I've been trying to learn everything I can on the business side of things and it was exhilarating the first 4 or 5 months but I've hit a point where I feel like I just need to buy that first house and start getting real world experience. 

I think it is just crucial to have both teammates know real estate and not just the general knowledge.I typically work with my clients' CPAs.

Typically, 8- 12% net for OOS investors based on cash purchases.Good luck 

Also, banks typically use a valuation process that does not favor the BRRRR strategy. 

Early in my career, I engineered overhead and underground electric service for new construction for the power company.

If you see a 10 cap apartment building it's typically the same story.

Unlike owning real estate, which is typically taxed at a capital gains rate, lending is not particularly tax efficient since interest income is taxed at your marginal rate, @Barry Wong.

Many of the guru's/coaches/etc are syndicators starting out with typically no track record, and maybe learning or knew that the first several years of being a real estate operator with outside investors, specifically, are very lean, often too lean to really pay your bills.  

Like @Nick C. said, with a double close there are typically 2 EMDs.