Loan administration is also a consideration although less important in this scenario. 

Imagine someone harassing your girlfriend, damaging your property, using or selling illicit drugs, dog biting you or your other tenants and creating a flea or noise issue, or any number of other potential issues.

This is a post-closing penalty charged by the Escrow Administrator to extend the renovation period beyond the maximum renovation term of 180 days in the event renovation is not completed within agreed upon terms.

States and some cities get broad latitude on administration of the program.

However, it is possible that the new administration might bring 100% depreciation back. - Is it guaranteed?

On an annual basis, the administration is mostly meeting minutes, resolutions, and annual filing of your 990, most of which can be outsourced depending on your budget.

I am really just looking to avoid the worst of the worst areas (anywhere with open air drug markets or active gang warfare / prolific violent crimes).

When going before public meetings with your proposals, drug, alcohol, and half way houses for former incarcerated, receive the most scrutiny.

The more time you spend on administrative tasks coordinating with multiple service providers, the less time you get to spend on managing your properties, finding new potential investments and increasing your financial returns.Tax strategies and property insurance are two areas that are highly customizable because no two portfolios are identical.

I have a background in real estate investment as well as new home building and administration and want to step out on my own.