This is a big help.In the SPD under "Building conditions" it asks if the sellers know of problems EVER EXISTING. 

These figures highlight the strong cash flow potential and attractive returns that new fourplex investments in South Texas can offer.In summary, investing in brand new fourplex buildings in South Texas combines the benefits of modern construction, strategic location, and favorable economic conditions, making it a highly attractive option for those seeking a strong, stable, and profitable real estate investment.

Regarding a refinance on a sub2, are there any special conditions or is it straight forward like a normal refinance?

I have a unit where the air conditioning is out and it is extremely hot.

The two biggest challenges I hear are not realizing the condition of the property (for example, finding out the property is in a worse condition than it is) and working with contractors (not finishing the job, taking too long, etc).

I found myself missing out on more fun occasions than I'd like to admit because I needed to be at my properties handling some issue or showing it when vacant.I found that I had become conditioned by the sound of my phone (even though I helped alleviate it by having quiet hours on my phone from 7:30pm - 08:00am). 95% of the time when a tenant contacted me, it meant something was broken, there was an argument, or there was an excuse about late rent.My husband has been gently pushing me to get a PM for a while.

I'd make sure your comps are very similar in layout and condition, similar updates, etc.

If the owner is happily paying for repairs, the PM gets paid, the owner improves the value of their property, and the tenant now have improved living conditions.

Some situational pressures are a somewhat wobbly rental market due to economic conditions (Nike/Intel layoffs). 

It's not the ideal living condition, but it's a proven method of investing when real estate is unaffordable.