I build new construction duplexes and quadplexes that get sold to buy & hold investors, so I sit on the other side of this conversation a lot. A new build can be a great hold, but "new" isn't the same as "well built," and the warranty is only as good as the company standing behind it. Here's what I'd check if I were the buyer.

Vetting the builder

• Track record you can drive. Ask for addresses of finished projects that are 2-5 years old, not just the model. Look at how siding, grading and drainage are holding up.

• Talk to past investor buyers. Ask about punch list follow-through, schedule slips and whether the pro forma rents were realistic.

• Permits and inspections. Every new build should have a closed permit and certificate of occupancy. Ask to see the inspection history.

• Is it designed as a rental? Durable flooring, separate utilities, sensible layouts. A home designed for an owner-occupant often makes a mediocre rental.

Reading the warranty

• Know the structure. A common setup is 1-2-10: one year on workmanship, two on systems, ten on structure. Make sure you know which bucket covers what.

• Who backs it? Builder-backed only, or a third-party warranty company? What happens if the builder isn't around in year seven?

• Claims process. How do you or your property manager submit a claim, and what's a typical response time? Get it in writing.

• Transferability and exclusions. Does it follow the property if you sell? Read the exclusions, especially tenant damage and anything tied to maintenance you're expected to perform.

• Manufacturer warranties. Roof, HVAC and appliances often carry their own. Ask for the paperwork at closing so your PM has it.

For those of you who've bought new construction rentals: what did you wish you'd asked the builder before closing? And has anyone actually had to use a structural warranty claim? How did it go?