If the City makes a bad decision, they could drive the supply of rental units down which would exacerbate the housing problem by reducing supply and negatively impacting the quality of housing as housing providers will simply leave Pomona and invest in Montclair, Ontario, Riverside, etc.

Now I know better.It actually reduces the number of good responses you will get because people will think they looked and missed it or already responded because it is in too many places.

I agree with you that it's hard to predict future liabilities in condos, but if you choose wisely (solid management, reliable developer, newer construction), you can reduce the risk. 

With a $500k investment you could probably easily grow to a $1.65M, 6 units portfolio, with cash flow in excess of $2,500/mo, all while reducing your structure count from 6 to 2.

If no one bids the reserve, they will let the property stay out there until someone does bid the reserve at least OR they will eventually reduce it once they see they cant get the reserve. 

To make the numbers work on that deal and get 100% financing, you would need to reduce your reno budget by $20k.

How can I address this in the lease to reduce my liability? 

We will put the house on the market next month just want to start early and do our best to reduce the vacant time.

I've seen appraisers reduce the appraised value by the seller credit.

I say try because it also reduces transparency: After the changes, I won't be able to tell my buyer client if a given seller is going to pay the commission on their behalf just by looking at the MLS anymore.