There are some things that become more sensitive though to look out for. 

Sensitivity moves on. 

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Is that reasonable given the nature of the prop?

There are also a lot of benefits surrounding sustainability with those tiny houses and Colorado loves the environment and preserving natural resources.  

These types of loans are available to simply acquire the property and are short term in nature (6-24 months).

These tenants are on a joint several lease, and it's not obvious whether joint tenants can violate each other's legal right to quiet enjoyment given the unified nature of their rights and responsibilities. 

This process is quite specific and must be adhered to with strict guidelines, including timelines and the nature of the property being purchased.Another method is the lazy 1031 exchange which is banking passive losses on your 8582 FORM from depreciation on other parts of your grouped portfolio such as several other real estate syndications.

The illiquid nature of real estate investing means a slow sale at high cost.

Some people are very sensitive to smoke/second hand smoke and will select a building that specifically is non-smoking.