This particular unit is an ADU and utilizes my electric/sewer/water so they pay portion....

I assume these areas have strict zoning, permitting, and design codes, along with requiring state licensed contractors to perform electrical, plumbing, and HVAC which would increase costs.

Once you find one good contractor they typically know other "rock stars" in other trades (electric, plumbing, etc...) that you will also need.

New plumbing, electrical, and mechanical behind the walls? 

So keep an eye out for any major improvements needed in the first few years of your ownership (roofs, exteriors, HVAC, electrical rewiring, etc) Things to know before starting: Make sure you buy at a basis in-line or below market comps (on a per unit or rent multiple basis).

I once spent all night pumping 3 feet of water out of a basement, in a monsoon, using a DC pump attached to my truck battery because there was no electricity to the house and the sump pump couldn't work.

Address shared space, private space, quiet hours, guests, animals, laundry, refrigerator, dirty dishes in the sink, noise, odors, and more.

We feel very confident in our underwriting, but given the jump that we made from SFH to an apartment building, we want to ensure we're not missing steps in our DD/inspection plan.Here's our current plan:1) Have a general inspector complete a Property Condition Assessment.2) Have specialists complete an evaluation of the roof, electrical, foundation, and heat source (2 steam boilers).3) Review financials, all leases, existing service contracts, rent roll, tax assessment, rental certificate, and 12 months of work orders.Here's what I'm not sure about:1) Are there DD items (specifically those that we would request from the seller) that are not captured within #3 above that we should be requesting?

Hi Christopher, I'm a realtor in the area and I thought I'd run some numbers for you just to get a better picture of the risk/reward of a LTR vs STR.Currently netting $250 a month on the LTRIf you rented it as a STR on a nightly basis for $135 with an expected estimated vacancy of 56% (average for the area) that's a gross income of $21,681 less your mortgage $17,400 and less expenses such as water electric and internet of an estimated $4200 puts your annual net at $81.To make the STR profitable for the additional work you'd have to rent it for more than $135 a night and for more nights than the Nashville average of 44% occupancy. 

- I know electricity nearby for sure.