Considering our immense  track record in the Cleveland, Ohio area and being the largest volume renovation loan contractor in our region, we deal with many clients who have experienced failures and required us to come in and complete, because the contractor was not capable of managing the administrative and financial burden these projects require.  

Failure to submit documents timely usually results in HUD's request for the deposit.

LOL, don't worry, I've had my share of failures!

Takes a lot more capital to flip.Different skill sets entirely.Similar failure rates.Id imagine the average full time flipper makes more than the average full time agent.

Are there any failure points that jump out to you?

Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That OOS property Class rankings are usually vastly different than the local market they live in.7) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.9) Class B usually also okay, but needs more attention from owner and/or PMC10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!)

Managing contractors is the hardest part of this business, and if you can't do it effectively, you *will* lose money.Sorry to be so blunt, but this is the difference between future success and failure...

No matter who you work with it a single point of failure and you should always be looking for other providers or vendors.

Something to consider.Might consider a commercial Realtor for an initial lease up and not management, I'm not sure you'd get a quality tenant of CL, usually you'll find startups without much experience, their failure is your vacancy and late rent checks.

The amount of books that have been read, the amount of conversations that have been had, the amount of YouTube videos watched on analysis all were done throughout the entire process.The stress of constantly facing failure after failure (shady contractors, making a purchase based on emotions, managing the rehab incorrectly, choosing the wrong neighborhood) broke us down and built us back up.Now, we have a specific vision and a very set plan on how we're going to execute the next purchase.