@Jon Holdman you know this business well  What a great thread to encounter. 

Just by way of example, a nice property in a major metro came upon a major listing site recently, and for the love of God you cannot get through to the broker/owner who listed it because everyone recognizes it for the deal it is and he's got his pick of the litter.Conversely, I've encountered brokers with less hot offerings in less hot states (10-12% caps in Ohio, Indiana etc), but they're just difficult.

My wife and I are considering purchasing some land to develop a rental up near the Yosemite area (Oakhurst, CA, Bass Lake, etc) and we often encounter other friends / clients who are interested in doing the same. 

Still looks like it could make for a great deal but with historic buildings there are many things that come into play that you normally wouldn't encounter.  

As luck would have it, I have encountered a temporary snag in my plans.

Any one with experience would be great - even if we dont purchase this home we'd love to hear about experience in case we encounter it for future deals. 

During the rehab, we encountered… a break-in that removed old radiators (fortunately, we were planning to remove them anyhow); a complete failure of the relatively new boiler; a complete failure of the A/C system; rotten floor joists in an existing addition; missing ceiling joists in an existing addition (only 4 joists over a 20’ span); a rotten subroof covered up by 5-10 year old shingles; and more.

Feel free to let us know if you encounter anything. 

Has anyone encountered this  before?

As soon as I say this, there are going to be people chiming in that they have encountered similar situations, and I'm sure that's true!