Beyond repair costs, make sure you're comfortable/conservative with your target rents and vacancy rates, those are the biggest components (to me) that can make or break things.

Make sure to listen to all the BP podcasts, read the articles on the main blog and be active in these forums to learn a ton very quickly about any topic in real estate you want to know more about.This is also a great place to meet people that can be assets to your business.

I do my own paperwork, but I know my lenders and borrowers pretty well for the private lending I do (and my main private lender is a Harvard law grad and contract attorney, so we're in pretty good hands on the documents). 

If you want to self manage and not use a PM it is definitely doable just make sure that you take the time to learn the laws and regulations to keep yourself out of trouble.I think the main question is how does one value their time, is it worth the few dollars per hour one would make doing stuff like going to home depot and meeting with tenants and learning what is legal and what is not. 

Fix & flips, wholesaling, and rentals are the main categories.  

The main thing is.. dive in and build it up.

The main reason I have separate LLCs is that one of my money partners is a Lawyer and he wants it that way :)1.

I'm looking at a rehab property ocean front in Maine.

I renovated the kitchen and main bathroom completely and the house is now on the market.

Hi Mike,I'm a GC having worked in the northeast and having done projects from Maine to NYC.