I'm working with the same bank the company I used to work for did that built the house with the septic 3-4 lots away, so hoping that isn't an issue. 

I would be more concerned about a criminal record and similar items.  

In Silicon Valley, which is a boom and bust economy, once the foundation is poured, the city cannot revoke the building permit (which they reserve the right to do if nothing is built).

Including value add properties may expand your purchase pool and obtain ROI that is extremely hard to obtain via cash flow only.By the way: Love the Black Hills especially Crazy Horse (my favorite man made item, I have visited it 5 times over the years starting in 1995).Good luck

The successful ones have done their due diligence on the market, have networked with other active local investors to gather a variety of opinions and built successful 'boots on the ground' teams for themselves. 

@Tara Faulks I see you also have a line item for $79 monthly fee for permits - was this provided by the PMs you spoke with? 

I was not planning on going through the permit process, until maybe it was already built....thoughts?  

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

We've come up with some alternative solutions like they clean out all their personal items from the basement and garage in a short time period as well as stop smoking inside (heavy heavy smokers).

We even have a section of maybe 10 items that are the most important items to know about their lease it really simple terms and they don't read it.