Steve Dresner has a great post on Dealflow.com that highlights what any critical industry reviewer can see.  

It's kind of a trial balloon, and I'm not exactly sure how we're doing, but we already owned the place, so it's not that we had much of a choice other than renting or selling.If anyone wants to criticize the deal, I'd be glad to know your opinion.

(so maybe it isn't this critical - but you could sure make it look that way on paper - especially since you've had to abate it more than once)

THis appraisal is low - the comps were horrible, the selling agent just didnt fight it or help the seller in any way, and we simply 'waited' till timing was critical for the seller. 

The bigger question is how much do you have in reserves to cover yourself should you find yourself in a downturn - which leads to another critical question regarding cash flow.  

It's absolutely critical you go see what you're looking at buying.

Ignore the comfort bound critics, they'll be glued to your success story posts in a very short while.

We also knowingly gave up a critical backup exit strategy due to HOA rules, and then needed them when we were having a hard time selling.

A website that shows what you have for sale is critical.  

Having an investor friendly title agent is critical.