I found a lot of issues such as concerns with utility capacity, storm drain easements etc. that we eventually resolved and turned out to be minor but could have been show-stoppers.4.

Let's assume for a moment that townhomes are an approved use for your property, I would want to quickly determine the availablity of all necessary utilities to service the property.

It all comes down to utilities, and insurance.

Checklist: Here’s a quick checklist to get you started:Get a home inspection (optional but recommended)Fix any outstanding repairs or issuesCreate or customize your lease agreement (covering pool/fireplace)Set up tenant screening processesTake detailed photos of the propertySecure proper insurance (consider rental-specific policies)Establish a move-in/move-out inspection processClarify utility responsibilities in the leaseConsider a property manager if you prefer hands-off managementDon’t worry, you're on the right track by doing your due diligence.

For that you have to utilize our 2-step program (as referenced  above by @Clint Jusino) or wait the 12 months for a conventional loan. 

Many times, permits, utilities delays and material issues are but a few.

Additionally, it can help maximize renovations and improvements.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

This is assuming you meet the other requirement for a syndication - accredited and/or sophisticated - depending on the ruling they utilize. 

If the landlord is paying any utilities that are based on usage such as water, then I might discuss a rent bump to compensate for the anticipated increase in usage and address that with the lease update adding the person as an occupant. 

It is increasingly common for a PM to charge a "leasing fee" which covers all the costs of marketing, showing, screening, placing tenant under contract, collecting deposit and rent, setting up utilities, getting the tenant placed, etc.If the PM can't justify the cost, then they shouldn't be charging it.