Then STR guests wonder why check in instruction and house rules are so long.

They'll have more “unofficial data” on those hidden gems that doesn’t show up on spreadsheetsNow for some little wisdom from my early days in the real estate game.

Reality is most wholesale deals are awful, fake rehab/ARV numbers hidden big ticket repairs and not even far enough below prices you can negotiate off MLS.

Other Considerations:- What hidden costs should I watch for in an older multifamily like this (1940s build)?

If you can land something in the West End or slightly outside downtown, you may find a hidden gem.

This documentation will include lender instructions that specify the loan seniority.

Others have clarified the main points, but I want to emphasize that the timing on a 1031 exchange is very tight, per IRS instructions (see below alot more on IRS website).

Unfortunately, I have seen some recent raises that are effectively hidden pref equity into failing deals. 

Was it a hidden gem, a long-sitting listing with motivated sellers, or just great timing?

@Stevan Stojakovic Hey Stevan, for me, as a first-time investor, the biggest fear is getting stuck with financing that limits flexibility like high interest rates, hidden fees, or terms that make it hard to scale quickly.