I will share my "Most Expensive Lesson" in the comments.To kick things off, here are ten examples of expensive lessons or mistakes in real estate investing:Underestimated Repairs: The classic pitfall where the cost of repairs and renovations far exceeds initial estimates, impacting the overall budget and profitability.Tax Liens: Failing to account for or being unaware of existing tax liens on a property can result in unexpected financial burdens.Contractor Liens: Not settling payments or disputes with contractors can lead to liens against your property, complicating sales or refinancing.HOA Fines: Overlooking or violating Homeowners Association (HOA) rules can lead to significant fines and headaches.Bad Loan Products: Opting for loan products without fully understanding their terms can lead to unfavorable financial conditions, such as higher interest rates or unfavorable repayment terms.Ignoring Zoning Laws: Investing in a property without a clear understanding of local zoning laws may restrict its use, affecting your investment strategy.Overpaying for a Property: Lack of research or getting caught in a bidding war can result in paying much more than the property's worth.Neglecting Due Diligence: Skipping thorough inspections and background checks can uncover unpleasant surprises after the purchase is finalized.Poor Tenant Screening: Failing to properly screen tenants can lead to unpaid rent, property damage, and costly evictions.Underestimating Market Risk: Not considering market fluctuations can lead to investments that don't pay off as expected, especially in volatile or declining markets.We've all been there in one way or another, facing setbacks that seemed daunting at the time.

Regardless of the location, you first want to figure out what type of guest your property is most suited to.

He made a killing in those margins by driving the land cost down for the builders.Not sure if that's something you'd be into but figured I'd offer the suggestion.Good luck!

As @Eliott Elias mentioned, you really need to be familiar with Killeen or have boots on the ground to help you figure out what properties to buy there since Killeen can change street to street and you won't want to get into a rough area. 

Due on Sale gives the lender the option, but not the obligation, to call the loan due.

Also, the transfer of title would insure costs, and you would need to make sure the due-on-sales clause would not be an issue.If you decide to proceed with the business purpose financing, lenders will generally require credits from all three of you given the shares of the LLC is 1/3 of the company each.

I do understand I went from the top tier tenant that will pay the most for the perfect setup down to the unit that can be paid for with section 8 and will attract a lessor tenant or someone single / new young family / retired / disabled / fixed income etc.Here's the deal figures With closing paid , seller counters 10k above my offer, 6% VA loan, no points Does the property lacking those features make it a deal breaker ?

Through forums, references, and various means, I've spoken with the sales team of ProVision PLC, which quoted me a one-time $12,500 fee for initial consulting and roughly $3,000 a year to file; Hall CPA group pricing starts at $5,000, plus filing, and then a yearly $2,500 fee for continued services not counting filing.

Then, once you figure out a plan with your lender, it's up to you to convince your basketball team of a family to follow your hair-brained idea.

This will pressure up the rents.We saw a similar tight supply in sales as well.