That will make it much easier to change horses mid-stream if the contractor doesn't work out. 2) Scope of Work: Make sure you get a very detailed Scope of Work that details everything that will be done including the exact work and finishes you can expect.

I know there is networking but that’s a slow and labor intensive process and requires me to physically fly to the markets I will be sourcing in.I am not too worried about bleeding $600/week on VAs for potentially months while we work out the kinks. 

Of course I did not know for sure it would work out the way I hoped but it was a good purchase (with some risk) regardless (it had incredible cash flow for my market even without the equity gain).I call these types of value adds sophisticated value adds.  

Most of the time if they’re on market, they’re going for the highest price, & most likely may be hard to acquire if your numbers don’t work out depending on area.The biggest thing is doing it.

BUT, even still, if it doesnt work out in that scenario,  you may get into it for less than 20% down.  

If you’re moving to Colorado and want to invest there out of convenience, that may work out, but sometimes the markets that work best for your style or strategy aren’t where you live.

But If things don't work out would love to have other options ready to go!

But as has already been mentioned, you should have someone you trust help you work out the details.

Rent: $1400, HOA: $300, Insurance/Tax: $144, Net Monthly: $956, Net Yearly: $11,472, ROI: $11,472 / $106,000 = 10.8%Potential Condo #2: $115,000 purchase price, Rent: 1400, HOA: $260, Insurance/Tax: $150DSCR Cash Out Refi on Condo #1: LTV 75%, $86,000 Loan Amount, 30 yr fixed, 7.5% rate, Monthly Payment: Around $650, Closing Costs: Around 8-10k, Total Cash Left: $76,000Condo #1 After Refi: Money Left In: $28,750, Monthly Net w/ Payment: $306, ROI: $3600 / $28,750 = 12.5%Cash In Hand: $76,000DSCR Loan on Condo #2: $115,000 purchase price, 25% down: $28,750, after fees estimating $35,000 All In, $1400 Rent, $260 HOA, $150 Insurance/Tax, $650 Monthly Payment, Net Monthly: $330, Net Yearly $3960, ROI: $3960 / $35,000 = 11.3%RESULT: Total Monthly Costs: $2160, Total Monthly Net: $630 ish, Yearly Net: $7,560, Total Cash Invested $65,000, Yearly ROI: 11.6% CASH LEFT OVER: $41,000Could put the cash into a third condo or put into the S&P 500.Looking for some guidance on whether or not I should pull the trigger for some context:19 years old college student studying engineering (heavy courseload)Living in Chicago, Condos are in Ohio (I have family and friends out there)I work part time at a high end hibachi restaurant averaging $25-$30 an hour.My rent + utilities with roommates is $750 with room mates.The numbers work out, my main concern is whether or not Ill deal with large vacancy within the next 5 years, or a recession, and I have to cover the monthly costs on my own ($2,160) which is a lot and not sure if I would be able to keep that up for a long time if I am not working full time in the industry.

Unfortunately for all concerned, it just doesn’t work out a vast majority of the time.