Lessons I Learned From My Biggest Loss EVER

I wish every flip went well but unfortunately that’s not always the case. This one ended up being my worst deal ever. Let's go over why.
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I bought this home in 2018 and finally sold it in 2020. Anytime it takes you almost two years to flip a home it's usually not going to go well. We’ll start off with what I expected.
This is a mobile home that I thought was converted to real property. We paid $85,000 for it and I budgeted $20,000 for the renovation. We would then sell it for $145,000. There were many comps to support the sales price and the budget seemed reasonable. Also the market was extremely hot in 2018. Las Vegas had the most appreciation in the country that year. So I was buying up everything I could get my hands on. We were routinely selling properties for 10% more than we anticipated.
We bought the home from a wholesaler and got to work. That’s where the troubles began. The rehab ended up being around $47,000 when it was all said and done. We had to tear up almost everything with the home. It needed a new roof, plumbing, and electrical issues. It was a nightmare. By the time we finished it, we were just hoping to break even.
We put in on the market and it sat for over a year. No one wanted to buy it and the ones who did ended up cancelling multiple times. We also later found out that the home wasn’t actually converted to real property. It showed that it was but apparently it wasn’t done right so we couldn’t sell it to a loan buyer.
After a year plus, we ended up selling it for 125k just to get rid of it. We ended up being over budget 27k, under ARV by 20k, and holding time completely destroyed us. It was a terrible deal obviously. So what did we learn from the experience?
You can lose big money on cheap homes. I had the belief that lower priced homes had much less risk, but I had never lost anything like this on one.
Verify on mobile homes if it is truly converted or not.
Drop prices much sooner and dump it if it's a dud.
This house was a great learning lesson. Sometimes as an investor you have to lick your wounds and move on. I wish they were all amazing flips! But you can learn alot from losses as well.