Permits are basically only pulled for electrical and plumbing of if they get caught.. its the only way to make the rental houses cash flow in many of those markets.On top of that licened contractors many times simply wont work on those type of properties there is no money in it for them..

Sure you can get away with it , until a home inspector looks at the dates on electric wire , or pvc pipe . 

I underestimated utilities in my early years, so I ensure those are properly captured (electricity, gas, water and trash).

The property has 2 electric meters and one water meter.

Start with a standard offer, and write a contingency into it for electricity, all the below ground utilities, and then work your way to zoning, permitting etc.

Too many deficiencies, bugs, and quirks.

Community water, and electric are at the street.

So, if your property has all bills paid by the tenant, you will deduct from the voucher amount the set amount by bedroom count for items like water, electric, gas, etc.

This usually means all updated electrical, plumbing, and roofing.

Helps with your debt to income, better opportunities at cash flow, and typically requires less down to purchase.In regards to challenges, I usually build in an extra 10-15% to deal with things that I can't see behind the walls, including dry rot, electrical or plumbing issues, etc.