Have your agents get the financials on the triplex for the past few years so you can understand the historical costs, get a thorough inspection to turn up hidden liabilities or repairs on the horizon.

She offered to go with me to talk to the property owner and assist with assessing the real value of the property along with hidden problems that could potentially be dangerous.

The thing is to be patient and work to source out the gems.

I am also planning on attending my first Black Diamond meeting organized by @Ann Bellamy - so I am looking forward to seeing you there.I share your passion of transforming unwanted homes into gems :)I will see you around.

Can you give me more ideas where the hoa bylaws concerning rentals might be hidden?

First, you guys think CL is a good source for leads or do you usually find too many hidden issues dealing with those leads?

Most major lenders look at chain of title for flips, so on a back to back closing this history is hidden so the lender may consider the second transaction a defrauding the lender.

It seems that there are indeed some hidden gems in areas different than Bay Area, LA & Sacramento. 

If you are pulling permits they can make you do more work, there can be hidden issues, the contractor could fail to deliver, if you don't use permits someone could turn you in at the last minute and you spend the next 2 months smoothing feathers at City hall.

I think that it is safe to say that if there is money to be made, then nothing can scare away the seasoned investor.How would you address my secondary question - which jobs carry the highest risk of hidden costs.