If the property fails to meet our criteria, we're out of that money and must move on to the next project.

@Raj Vardhan, in my limited experiences, 6 or 12 month seasoning is common if you want to borrow based on new appraised value.  

@Mike Sfera, learn your market!

I’m eager to learn and connect with others in the industry.

I'm curious because I'm interested in pursuing voucher-based strategies.

Also I’m curious, though: do you have strategies you rely on to keep projects on schedule, especially with contractors?

Fastest way to learn is by networking with people who are actively doing what you want to be doing in the future 

Lessons learned?

@Karin L Mahmoodi Based on the Georgia Landlord/Tenant Guidebook.

Most lenders are going to want to see a few big things from the ownership group. 1) The borrower will be the enitity (LLC, S-Corp, etc) and any owner with usually 20% or more of ownership in the entity will be expected to guaranty the loan, 2) We'll want to see some experience doing similar projects from at least one of the main owners, 3) We'll want to see bank statements showing liquidity enough to cover the intial cash injection (down payment), the closing cost, and some cash in reserve.