Flying in monthly helps, but having a local contact (realtor, manager, or trusted partner) is key for regular updates.Use tools like progress photos, video calls, or project management apps to stay connected, and schedule visits at critical stages of the project.

A good contractor is critical—get referrals and check references.

Also, in general, I wouldn't solely rely on a single source, rather: 1) collect feedback from various sources, 2) decide which components are the most critical for you personally, 3) weigh in on the pros and cons, 4) speak with all of the operators to add to the list of pros and cons, 5) and only then make an informed decision. 

I’m a relatively tough critic, but I’d say REI was the only one I felt had put the effort into giving realistic numbers and owned the entire process.  

You won't be forced to de-convert unless you have violations...eventually the city will start fining you.Very critical terms are non-conforming (no violations - grandfathered in) vs. illegal (violations)...

However, as many will tell you on this website, know your market so you can be more critical when looking at the pro forma.

These steps can reveal potential issues upfront.You’re spot on about reserves; they’re critical for navigating situations like this.

Know how to take constructive criticism.

It is critical to know the condition and rehab costs, but buying low and doing the deal in the purchase helps with overall costs as you enter the rehab phase. 

When we changed our model, we got criticized by a lot of investors that bought into the mantra that the TK company HAS to be in the PM business too.