The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money. 

Build a strong team, prioritize cash flow, and take the time to understand the local market and regulations, especially for development projects.

BUT know your jurisdiction's regulation on screening.

Never invest in any city on this list of the 50 most dangerous US cities.Low operating costs: High operating costs are one of the driving factors for many companies, leaving states with high taxes, regulations, and other costs.

Mounting shelves, a TV, or other large items that requires screws, bolts, or anchors should be regulated by the landlord and charged to the tenant. 

As for Alexandria specifically in terms of regulations don't take advice from a public forum - look up the laws yourself and make sure you understand them.

@Eric Andersen definitely put weight into what @Michael Baum wrote and do your own research on the city regulation/zoning.

Definitely follow the regulations in the area and if permissible I would offer to attempt to find an acceptable tenant and terminate their lease when that happens but in the meantime they will need to continue to pay.

He also doesn't control regulations in the states/cities, but his attempts to cut regulations may trickle down and impact personal property rights and people's ability to use their properties as they see fit.

Can regulations change?