Some items to be aware of include, but not limited to:  zoning in County may conflict with the City, utilities that belong to the City infrastructure may require that you annex the property prior to rezoning or other entitlement, County development standards may be different or less stringent than City standards which would cause the development to be non-compliant when annexed.I would echo the same as Bryant Brislin, you will definitely want to connect with someone that can navigate this process for you. 

Receiving a cash out loan on an investment property can be a very confusing item.

Items to consider are:1. 

This is the same as they would do for other items the seller already paid for like property taxes. 

Re-secure loose sheet metal items and reseal cracked or missing caulk joints.7.

I do plan to hold it in an LLC, have good insurance and umbrella as well. 3) Older homes in PS - most of the homes in PS are built in the 40s-50s and for those that own them, do you constantly run into issues with major ticket items - plumbing, electrical, etc (things that are not visible to the naked eye).

Honestly, much of the value in home inspection comes from the document created which many buyers receive a copy but are otherwise clueless as to the items often missed in an inspection.

I think that, regardless of the deal you have with the seller, the primary lender that you refinance with may not like you having a 0% equity stake in the property, or very tiny equity position of less than 25%, and may require you to reduce or eliminate the "junior lien" or whatever you want to call it that is this seller carry item. 

So when you think of the income and basically less than 20k a year in Overhead thats a pretty nice business.. unless you count cloths and shoes as necessary items then things get a little wild !!!

Have done most residential RE items except commercial MF, new development, and sub-to.