I burned what should’ve been a 30k profit at the end to leaving 10k in out of pocket by not counting those costs and doing more than I should’ve on the rehab.

.– Don’t spend more than you’re making per deal:This may not apply to everyone but, if you keep burning through your profits just to do a deal that won’t make you any money in the future.

Once you gain some wealth you can afford to get better protection.Nothing will protect you from doing bad things like driving drunk in a company car and hurting and killing someone, or ignoring safety codes and killing folks with carbon monoxide poisoning from a furnace, or burning the house down from ignoring fire codes, but running your business correctly, buying insurance, and using an LLC properly will provide massive amounts of protection from liability. 

@Grayson Spittel Yes for sure I can see the struggle on trying to scale without burning all of my funds!....

So if you burn through 4,000 a month to live currently you need 24,000 in reserves while you work on putting deals together. 

I'd obviously want to steer clear from burning any bridges or inciting potential harm to a property by jumping right to an eviction. 

A BUYER wants to come in and buy the property and use the unwanted portion of equity (30K) to put back into the home and raise the value then resale.

Originally posted by @Edward Burns: Originally posted by @Heather Alte: We shut off the water at the meter by the road.

Quote from @Carol Burns: Hello all, I am starting a RE investing book club in a facebook group. 

Defintely burning the midnight oil on learning how to analyze at the moment