For the vast majority of my investing career, I have not taken more than a standard deposit.

Given the high demand for industrial space, especially near major interstates, this could be a smart move.

Shortages of construction labor and material will also have a major impact upon pricing. 

Majority of mold complaints are tenants panicking and/or trying to get free rent out of their landlord.If they do get an attorney involved, their attorney will send you a written notice, which will lay out the issues and often tell you to give the letter to your insurance company.Don't bother with this, but you can discuss with your agent.When you or your PMC (or both) receive a legal notice of a case started, that's when you want to get your insurance company involved.Recommend you keep a record of all your communications with your PMC about this issue.

What are the major employers in Waco, besides Baylor?

I’m starting my journey into real estate right now and you give hope that the possibility is there for major growth in a relatively short amount of time.

So be careful and make sure you interview the Expediter and that they have had success in obtaining the Letter of No Objection.As far as evidence that you need to gather, look up your buildings TAX Class.You will find it here: Building Information SearchHere you will see something that looks like this:NOTE that while this is a Dept of Buildings Web Portal, what I have circled in RED is the Department of FINANCE Building Classification.You may not have a CofO, but the Dept of Finance maybe taxing you as a 2 Family.

Make sure both properties have all the repairs and maintenance needed and no major cap ex is needed before you try to add one on double leverage.

Also there are some major zoning changes proposed.Something you didn't mention is financing--unless you're buying cash? 

There are definitely great properties at that price but they're going to need major rehabs.