It sounds like you have an un-permitted unit, which is essentially always a risk since there has been no notice to the AHJ that it exists and they can therefore initiate a code case to have it removed in most cases.

Just make sure you have all the required permits, including alcohol.

Another key change is making sure your contractor actually sticks to completion deadlines...why, because of how extremely tedious permit inspectors are getting in some cities, which can slow progress in and of itself.

It is located in an area that attracts college students/employees, working class families, and military families.

Conveniently located in Bryan TX, within walking distance to A&M Bus stop and a short 5 minutes drive to College Station, home to the largest university in the state, Texas A&M.

I purchased my first buy and hold SF rental property last year and turned the property into a student rental as it was very close to a local College.

Everything around the lot is older but the neighborhood is less than 5 minutes away from downtown, hospital and colleges. see this all the time in and around downtown columbus OH, we have frindge areas that are getting rehabbed and flipped like crazy and then the new builds come in. 

Ensure you understand local regulations regarding permits; it’s usually a good idea for your associates to form an LLC for liability protection, but individuals can do renovations as long as they pull the necessary permits.

I went to high school and college there. 

I'm a realtor, investor and own a construction company located in College Station, Tx.