Those that do are either 1) in areas that are bad and usually only "cash flow" on paper or 2) with exceptionally good deals.

The important thing to know is that you basically have to meet all of the qualification criteria for a typical commercial real estate loan from a bank -- EXCEPT for the down payment requirement. 

An audit could be triggered by a number of factors that don't line up when run through the IRS's system, and create an exception.

I don’t have to pay anything else, except for taxes?

Are there any exceptions in place for the houses that are that old and has existing converted unit in the basement? 

Those agents who are helping their clients finding a tenant are easier to talk to and my become your advocate.Here is a huge exception.   

Each lender can use their own methods of qualification on commercial properties, and most look mostly at the asset (with the exception of your FICO, experience level and reserves). 

*Have sufficient capital to 1) invest in exceptional design and amenities to stand out in a saturated market and 2) endure the low season.

Most would think it insanely astronomical returns, and it is, but it's also exceptionally high risk.

The builder offerred $15,000 credit to be applied, however you wished EXCEPT can not be used for price reduction.