Each renovation brought rents from below market to at or slightly above market rates.Twelve months later, I sold for $660K.

A quick background check on experience and finances, plus a written plan that spells out roles, helps prevent misunderstandings later.

I figured I’d “get to it later.”The day after closing, the former owner broke in and set a small fire out of anger.

Then 30 minutes later, the Fed Chairperson prances to the podium to preen and, in doing so, firing a starting pistol sending the Treasury and Mortgage Rates up.

I do try to finance the property later as the LOC usually has a higher interest rate.

You can always adjust structure later as you grow.From a tax perspective, learn how each type of investment interacts with your current income so you can plan ahead.

For your first deal, I would recommend just get a good deal that makes sense, close in your personal name as you can often put it under a trust or LLC later (depending on the lender and loan program used to buy) if you determine that to be the best course of action for you.  

That can save a lot of stress and surprises later.

Jobs that are bankrupt and need money and some of your money will go to their problems cause they say they'll just take on new deposits and replace your money later. 

I’ve also been analyzing multifamily deals with fewer than 5 units, potential single-family short-term rentals, and studying a few different markets to see where opportunities might make sense.I really want to use this time wisely instead of playing catch-up later, so what else can I do to prepare myself for that first deal?