Sounds like he's getting the cart in front of the horse. 

She now lives with 8 horses and is very happy.  

Should the revitalization stall out and the area become so dangerous guests won’t come to an event there.King of reminds me back 25 years ago when these empty industrial spaces were being rented by the night for raves.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

You want to walk if the price changes or if they took to much time and you no longer want do the deal.A common stall tactic by banks is to wait  a few months if the market is rising and get  a higher approval price.I do not focus on residential but saw this on a friends listing recently where the bank originally agreed to 110,000 but moved to 112,000 for final approval. 

Maybe I'm beating a dead horse but anyone care to elaborate on their picks?

I think of investing like owning cattle or horses. 

@Eric KrikkeThis horse race is not even competitive.

Bankruptcy can stall two or more years.

The only verbiage in this listing said "would make a great horse property'....