I'd like to offer my perspective on this discussion.

From the LPs perspective, it comes back to pros and cons, just like talking from the GP/Operator side.Since in-house property management really thrives at scale, when your GP has an in-house management team, it MIGHT create a conflict of interest.  

Seems logical to have permit in hand though from a lender perspective .

@Christopher DeAraujo I am in the process of getting out of the business of paying for tenant heating given the volatility of oil prices and having seen 5/20 tenants put their heat up to 78 and keeping their windows open for fresh air when it was -20 degrees outside.

From the STR perspective, condos - especially smaller 1- and 2- bedroom units - are also a poor choice in crowded markets like Orlando and Miami.  

Yes & no - I see what your perspective is in terms of doing due diligence, but its up to the current owner to allow you to do that. 

The lot I'm interested is in town, has access water & sewer available, from all perspectives what are things that are different than buying a traditional pre-built home.

@Thomas Blocker Wanted to chime in with perspective here, as we have designed, permitted, and built ~100 ADUs in San Diego County.

I know markets are different than when the book was written and I do not know fully about the market today so it does put things into perspective for me from a person who is actually in the market right now.

From your tenant's perspective; you purchased the duplex, jacked up his rent, and moved a bunch of people in next door.