What was done fraudently that also could not have been discovered in underwriting that people should be aware of?

Knowing the rent will likely show up each month—even if the tenant has challenges—removes a lot of the uncertainty that can come with rentals.The people listing this apartment as a “Section 8 property” are likely trying to target buyers who value that stability.

Most people won't put in the work. 

There's also a lot of mid-term demand in this area from people moving down and waiting on their home to be finished.

I stopped reading after your tenants letting people who are not on the lease live there.

There are over 300k people in the greater Amarillo area so a cool event space like this could be very successful.

Do you guys ever take the risk of buying a foreclosure at sheriff sale with the previous owner still living in it? How do you calculate rehab cost given you can’t look inside?

I live in a community where half the people never lock their doors.

The people that run these companies usually come from an "investment banking", real estate, or construction background.

Surrounding yourself with a team brings some risk, but the risk is on your ability to judge people and processes.