As a triple net lease tenant the property will get cleaned weekly, while making sure the property is properly maintained.

A small chip in the bathtub and that’s a fail, window doesn’t open good enough that’s a fail, bedroom door lock doesn’t lock properly that’s a fail.

If you are still confused that means they did not do a proper job in disclosing all the terms on the loan.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Very little land available for proper zoning or pricing.Realtor/Owner of property offered to us at $900,000. 

You need to buy, rehab, rent, manage, refinance if the numbers make sense, don't if they don't, repeat if you identify the right property and if you have the capacity to properly manage, and maintain external sources of cashflow to really get it going. 

If installed properly it can take beating and it's water resistant.

Bottom line screen your tenants fairly and properly 

Have you verified with your builders risk carrier that you will have coverage if there’s a claim and the renovation is completed without proper permits?

I have a lender, I would work with the same law office as previously, I have an insurance agent, I would find a home inspector, I would coordinate with the lender on the assessment - I feel quite capable of managing all of that.