And I had a fire last year and they paid out great including an extra 16k for lost rent.

What were your biggest lessons learned during acquisition?

It seems to me to be a flawed safety net for new people. 

@Michael Santeusaniomy learning lesson is have way more money at your disposal then you think you need. 

Many of them only attract unreasonably CHEAP owners who will immediately fire you if they find someone else cheaper or you won't capitulate to their cost-cutting demands.

Any major lessons learned you wish you knew starting out?

This would be done in a normal residential kitchen — no commercial appliances.I’m trying to figure out whether I should allow this or not, and I’d like to hear what others have experienced.Here are the key details and concerns:• Type of business: cottage-food style baking (sourdough)• No employees• Potential issue: customers picking up from the property• Main concerns:– Liability if someone gets sick or injured on property– Violation of “residential use only” lease language– Parking/traffic impacting the other unit– Increased wear/tear, fire risk, or sanitation issues– My insurance not covering business activity• Alaska does allow cottage food operations, but as the property owner, I know I can still be on the hook if something goes wrong.I don’t necessarily want to shut her down completely — it sounds small-scale — but I also don’t want to open myself up to unnecessary risk.For those who’ve allowed or denied similar situations:- Would you allow a tenant to run a small sourdough/baking business?

What is important to you: safety over high returns, or highest return possible? 

Your safety net is asset-first DD: pull O&E, confirm lien position, inspect the collateral, and model exits before you wire.

Experience is the ultimate educator--particularly in a field like REI.This is one of the most valuable lessons of young adulthood: you can be fascinated with a job/career, yet be terrible at actually doing that job/career--and the only way to know is to do it!