In particular, sole proprietorships?

Meanwhile,  its not unfathomable for the bank who is approving your loans to wonder why this particular borrower feels it's necessary to take such extreme steps to protect themselves...what is it about them or their operation that is leading them to take such extreme measures?

It’s such a problem that young professionals (particularly ones with family) are leaving in record numbers.

Just make sure to talk to your accountant and legal team to verify that this approach is in the best interest of your particular situation.

Which is used to keep pipes from freezing but guess that doesn't particularly mean it's a water/sewer line 🤔 .  

I'll echo what the others have said - not a requirement but also depends on the details of your purchase, particularly the rent amounts for the units in the building.

@Mike C.During our initial hour-long conversation, we discussed the rental market and how I founded ConnectLinx as a real estate investor, entrepreneur, and broker for a leasing agency, particularly how we were both upset when Rentlinx announced it was shutting down.

You might consider a thorough reading of some of the very good books out there too - a particularly good one for the finance side is Steve Berges' Real Estate Finance for Investment Properties.

Remember to factor in the ancillary businesses that any particular theme of business needs, as much may not be directly tied to the base business (e.g., a cafe where patients can digest bad news - not a medical service provider or medical support provider, but ancillary nonetheless. 

i suspect you'll say "too expensive," but out of state comes with challenges too, and getting crushed by deferred maintenance and overpriced contractors is actually very expensive.memphis in particular - to be successful there, you'll need a team and a strategy, not just interest solely because it's "cheap" to buy there.