What if there is a strong potential to want to pull equity out before year 10? 

I've got a 5,500 sf vacant lot and unapproved (not submitted yet) architectural plans for a tri-plex I'm looking to build.

I would strongly encourage you to find another way to source deals if you're limited on cash.

In California we have Prop 13 that gives owners who have had their homes for many years a strong incentive to stay put. 

If there is strong evidence indicating the Tenant was aware of the leak but failed to report it, then I would charge them.

I am currently studying finance and am in love with architecture.

Water and sewer cost are on me and IMO, that's a very strong deal.

In general details are not my strong suit, and I don't have a good system for managing expenses and keeping the project on budget.

The area that we're in has experienced some strong appreciation over the years and so this home has positioned us to have the option to keep it as a long term investment that we can leverage for our daughter's college or our family's future investments Lessons learned?

Historic preservation and architectural constraints are something else entirely.