Josh,Well except for the 4 items you mentioned, then it's a walk in the park....

I might be tempted to walk my butt into the owner's office -- does that LOOK like a place the owner spends 70 hours a week (lots of personal items on the walls?

Some items to be aware of include, but not limited to:  zoning in County may conflict with the City, utilities that belong to the City infrastructure may require that you annex the property prior to rezoning or other entitlement, County development standards may be different or less stringent than City standards which would cause the development to be non-compliant when annexed.I would echo the same as Bryant Brislin, you will definitely want to connect with someone that can navigate this process for you. 

Items to consider are:1. 

This is the same as they would do for other items the seller already paid for like property taxes. 

I made so many mistakes that I decided to join a program to learn how to underwrite, due diligence, takeover, etc.I was lucky to find a great partner and we used seller carry back on our first deal.

Re-secure loose sheet metal items and reseal cracked or missing caulk joints.7.

Carry interest of any debt secured by property.I don't believe "necessary" is a word in the statue.  

I do plan to hold it in an LLC, have good insurance and umbrella as well. 3) Older homes in PS - most of the homes in PS are built in the 40s-50s and for those that own them, do you constantly run into issues with major ticket items - plumbing, electrical, etc (things that are not visible to the naked eye).

Unless you are building Rental units, the SF Retail market construction market is not doing well, hopefully your builder is borrowing money at sub 10% interest rates.  4 years ago, a lot of builders were only factoring in 3% for total loan costs, I would think that the carry costs would be 10% or more currently.  3.