Rehab costs are for me personally to figure , so I can properly negotiate the selling price with the seller.

.❌ The common mistake: collecting rents all year without setting aside a tax reserve.

You need to look into filing Form 3115...This post does not create a CPA-client relationship.

Common mistakes to avoid as an out-of-state investor?

Seller financing is probably the most common form of "creative finance", but unless the seller is an idiot, any seller financing is going to come with a higher downpayment and higher rates than an FHA or Conventional loan.Not saying this to be mean, it's just the reality of the situation. 

Hey Isis, your vision of outsourcing the management to a third-party is very common, whether you live across town or across the world doesn’t really matter that much.

Things like maintenance requests, rent reminders, move-in/move-out checklists, or even handling the common FAQs — those can be automated or routed through AI without losing the personal touch.

I know mistakes are part of the journey, but I’d like to learn as much as I can from others’ experiences so I can start strong and avoid the common pitfalls.Thanks in advance for sharing your insight — I really appreciate it!

Quote from @Leo Leiva: We've been in the business for over 15 years now, and the most common reason for a deal falling apart is a borrower omitting critical information — or, in some cases, trying to pass off borderline fraud as fact.not only borrowers but intermediaries (brokers) as well.  

Also, connecting with experienced investors and property managers early on can save time and help you avoid common mistakes.