Most of the later are in the lease but you will run across things that you have to tell people or reinforce because the lease doesn't specifically anticipate every situation. 

When I see month to month agreements, I can anticipate a higher risk pool of tenants and higher likelihood of turnover.

And if you top it off with the anticipated appreciation over the next three years this is a great time to buy!

Both of you will be filing title claims so make sure Title knows all your current and anticipated income and expenses.Some advice.

All in all I would say the biggest red flags that I'm not sure I could've anticipated without experiencing it for myself were the lack of commitment to the project, lack of project management skills, and lack of planning ahead/ anticipating lead-times of materials.

I anticipate having both where they need to be in 6 months.   

Prices around here and the short supply is making it much more challenging than anticipated.

It's anticipated the Fed will increase rates in a few increments of .25-.5% over this next year, so I don't think you'll run into much problem getting a competitive rate if you plan to refi in the near future. 

Between both cohorts I anticipate having access to about $200,000.

Then, compare that information with how you would anticipate managing the property.