Quote from @Daniel Murphy: While not really a loss, one of my biggest Ah Ha's in 18+ years of managing money professionally is that Financial Questions do not always need Financial Answers... 

Before I jump in, I’d love to hear from those of you who’ve already gone through the process:What’s the biggest lesson you learned from your first BRRRR out of state?

The biggest flaw many realtors make is not continuing their education in how to work with investors.

NOT saying you should do this but I have seen some investors slightly (some not-so-slightly) "inflate" the construction cost to recoup some of their money.The bigger challenge I think you face is getting with a General Contractor / Builder who has your same goals aligned with you. 

I am here to learn at BiggerPockets, but need to challenge myself to take more risks and start investing. 

Here is one of the best 1031 hacks. Lots of people complain about the "timeline" risk.Start looking for a replacement property during the marketing process of the property that you are selling.The 45 day ID period onl...

I’m also working toward earning my real estate license, and I can’t wait to combine that knowledge with hands-on experience.This year, my biggest goals are to learn as much as I possibly can and surround myself with people who inspire me.

What worked well for you, and what were the biggest challenges?

So many investors focus heavily on acquisition and turnover, but it’s amazing how far prompt communication and a few small gestures at renewal can go toward keeping quality tenants in place.Vacancy might be one of the biggest killers of cash flow, but with a proactive approach like the one you’ve outlined, it’s also one of the most preventable.Appreciate you sharing this!

Specifically:What were your biggest challenges (zoning, drainage, ventilation, fire code, utilities, tenant improvements)?