I’m sure I’m missing somethings that’ll be uncovered as I’m over there more. 

You would be taking a risk by renting as there are some scamp tenants who specialise in renting such basements and not paying after a few months, then it's no end to the court procedures.

Are you familiar with a resource I could use to uncover foundation issues in the community or surrounding area?

I’m working for an investment firm where we specialise in selling distressed properties to investors, flippers, contractors, etc.

General Partners can easily steel money by hiring contractors and getting kickbacks, or by generating bills for services where the contractors and vendors don't even exist because it is very difficult to uncover these actions and expensive to litigate.

All was well until the inspection uncovered that it would need a new rough soon and also the demand for renting a room in Missouri City wasn't actually a thing.

Showing an unrealistic refinance in year 2 instead of year 3-4 will likely turn a 13% IRR deal to 16-17%.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.

I'm not saying they don't exist, I'm saying my skill level (newb) has yet to uncover any.

You're unlikely to find your typical cash flow properties unless you uncover an incredibly smoking (re: motivated seller) deal or put together a creative finance structure like a lease option or wrap.

Our realtor invested in the same area, and our research uncovered a poorly marketed / vacant apartment complex.How did you finance this deal?