Anything to keep an eye on or make sure is included in this?

I'm currently in book 2 of the Rich dad series and they have been great so far and somewhat eye opening to a world I would never previously thought about.

You made the mistake of not having a trusted third-party as your eyes and ears on the ground, and now you need to deal with the repercussions of that mistake. 

A month ago, I helped a friend who is a landlord do her book keeping and it opened my eyes to the gains and benefits of real estate investing.

The neighbors in the back yard of my property are great on the right side (nice looking yard, easy on the eyes).

They will be your eyes and ears with everything in the property.

(Now you know something is wrong)Just have them fill out an application where it asks for information about the last 10 years....If they leave certain areas blank, ask them....look in their eyes as they say, I don't have the landlords info from 7 years ago....Hmmm.....you have your employer information from 7 years ago where you spend 8 hours a day but you don't have the residence information where you spend 12 to 16 hours a day? 

If my purchase price is the same as the assessed land value, will I have any depreciable basis going into the project in the eyes of the IRS?

@Joe Pea if you are self employed, then the bank is relying on your taxes to verify income.

Once you understand this, you start to see why it is so much more important to understand the condition of the property.New investors spend a great deal of time and energy to worry about rents and if they are $50 more or less, but turn a completley black eye to the roof, that has only 5 years left and will take $10,000 to replace (not to mention all the other items).Generally sellers don't discount their dated properties enough to reflect the condition of major components.