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Instead of making a small but acceptable profit, you are now forced into looking at plan B, which could mean renting the property or re-listing at a discount.Subsequently, you are looking at even less profit, more headaches and less capital for your next deal.Owning rental property is full of many different challenges.If you think that you can buy any property, slap a coat of paint on in the living room and wait for the checks to come, you will be in for quite a surprise.Owning rental property and developing a portfolio require time, money and plenty of patience.

There are certain rehabs that are worth making a little less on if you can gain valuable experience or develop a relationship with a new contact.You need to accept that there will be calls at all hours of the night from tenants that have never lived on their own before or from neighbors complaining about a car parked near their yard.Whatever your goals are, you should first accept that it won’t be easy being a landlord and there will be many times that it will be very frustrating.Doing a few solid deals a year with good people is much safer than trying to chase smaller deals throughout the same period.There is nothing wrong with hitting singles on deals, but those deals often result in strikeouts.

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