Although currently I do not own or manage any type of investment properties, I am hoping to begin to actually research the many details of what it takes to purchase various properties and ultimately become successful in the business. 

This is ultimately a people business, so if you are honest, open, direct, and organized when it comes to communicating with your Hard Money Lender, it will definitely improve your odds in obtaining a loan approval for your project.In summary, if you follow these 7 Steps, the Hard Money Lender will be able to quickly evaluate your project and hopefully Approve Your Loan!

Remember you are dealing with the dregs of society that primarily survive through criminal activities.

Bonus question: In general, when a home is damaged by tenant negligence or a simple accident (ie towel bar is accidentally ripped out leaving a hole in dry wall) , who is ultimately responsible for paying to fix that repair?

In 2005-2008, I pulled all of the 180k in equity out and put it into a business that ultimately failed, leaving me with a property I owed more on than what it was worth.  

Ultimately you need to know how much you need and when you need it - then you can reverse engineer the problem.Example: "I want to buy a $1 million apartment building in Brooklyn, by the end of next year, and I have 50 cents now, and I can save a dollar a week.

BP is the ultimate learning center for real estate investment.

I believe every person who has joined this site has an ultimate goal of learning this business and being successful (whatever that term means to you). 

I ultimately prefer online rent for the automation by requiring recurring payments with erent.

The ultimate goal is to own a small portfolio of around 10 homes (current goal of 1 a year) that will produce good cash flow and leave me with a nice retirement plan.