With a backup plan, and proper (extensive) legal docs, much of the risk can be mitigated.

I do have one question - I have a partner and we are looking into getting a properly together.

Properly structuring your bank accounts ensures that every dollar in your business has a purpose.

Most inspectors will know that properties only need to meet whatever the code was when they were built, not current code and they usually explain that properly IME.

This approach ensured minimal holding costs and a faster return on investment.

As lenders, well issue a prequal/preapproval letter if we've analyzed your income, assets (bank and brokerage statements to establish that you have the liquidity to afford the down payment, closing costs, and reserves), review credit of the guarantors, review the relevant experience to ensure that we're not throwing our money away on newbies that are wandering around in the dark, and have put together a reasonable plan of attack for the project.

There is no 100% guarantee out there.Managing your property properly and having great insurance are probably the two best ways to protect yourself.

As @Patrick Drury mentioned- the West Side does not have any POS areas (besides Lakewood, but it's only needed for previously non-owner occupied/rental properties) Something else to consider in Cleveland proper is Lead Safe Testing ..

It is therefore extremely important for you to know how to properly evaluate and choose a SAFE 1031 Exchange Qualified Intermediary for your 1031 Exchange transaction.You should always perform a careful and thorough due diligence review before making your final selection.

Investing in real estate means your money is backed by tangible property....assuming you do it properly.