Pitfalls, watch outs?  

I understand there are due on sale clauses and potential pitfalls with both strategies but also rewards as well. 

Hi Everyone, I live in California and am considering buying a condo in Indianapolis with a cash offer as my first investment property. Should I anticipate any difficulty refinancing the house or getting a HELOC to tak...

I initially thought of talking with tenants to know about if there is anything is wrong with the property (I won't rely on it if they say everything is awesome, but if they point some potential pitfalls , I thought I could enquire about them with seller and make sure they addresses them in legal documentation)

Potential pitfalls?

Obviously you point out some potential pitfalls i.e. wells and grading etc.

It's nice to get a lot of advice on what pitfalls to look out for, and what costs to expect.

Some pitfalls:1) tenant gets hurt/killed in your property due to work that wasn't permitted. - You are screwed here and no amount of LLC/asset protection will prevent you from being personally named in a lawsuit.2) Building burns down, cause determined to be fire caused by unpermitted electrical work. - Insurance does an investigation and decides not to pay for the damages.3) You need to sell the place in a hurry for some reason.

You are absolutely right, I should run it by my prospective broker(s) first, out of respect for the broker, but also to make sure i do it correctly to avoid all possible pitfall.

Any pitfalls that I'm not paying attention to?