General Industry "Standard" Renovation Inspections

[Tim Bergstrom]

Hey BP,

I'm posting this simply to start a discussion about what should be expected when doing a rehab/renovation regarding inspections. I know different cities and different states have different "standard practices" and codes requirements when it comes to this area. 

I'm currently working on a deal here in Nashville where this issue has popped up. So if anyone who has experience with doing rehabs/renovations wants to chip in their two cents on what a "standard" approach to inspections would be I'd love to start that discussion here. Specifically to kick things off I'll ask these questions:

In your experience and from what you know, is it standard practice to have an inspection only while doing due diligence prior to purchase/closing then not having another one until your renovation is complete and you have it under contract with a new buyer? Or in your experience is it standard or common to have professional inspections done along the way to check that the work of the contractor/subcontractors has been done correctly to code and that sort of thing? Some combination of both? Speaking more and asking this more to those investors who are not contractors or in a position to do inspections themselves, but definitely open to contractors input as well. I think this could be helpful insight for investors from different areas to compare notes, doing research before investing in new markets or for those just getting started to gain perspective on this.

Would love to hear your thoughts and two cents!

cheers,

-Tim