Start here...have a solid lease with an Addendum of dealbreakers/rules that are written in plain everyday language. 

As long as you have the insurance liability, property and flood if you are in a flood plain.

Insurance protects your property from paying out of pocket for damage, plain and simple.

And considering I think a person who puts in plain black and white that integrity and character of the operator are key -- and then does something underhanded and incompetent is just mind-boggling to consider -- so I'm only left with a negative feeling about the documents these darned attorneys dream up! 

I got my GC license a couple years ago so I could build houses myself as I was sick of dealing with contractors.I've hired plenty of contractors that were not licensed/insured and it went fine.

Fire hydrants, sewer, water, road access, electric, flood way or plain, storm pond, storm sewer, setbacks, fencing, soil compaction, lot sizes, etc.3.  

Since you only have 2 full time and two part time staff, who covers their vacations and sick time?   

BUT, I am sick living in construction and would like to move to a new home and then finish fliping and sell or hold the two homes asap.

Let's assume that the neighborhood is a C class and the median income of the city is greater than 3X of the market rent.Here are some of the considerations I've come up with so far:- Units are in need of renovation and capex is too high or not available- Unit quality is not the same as market - Seller is worried about losing tenants due to increase- Vacancy rates are high or filling units have been difficult- Rent increase would take multiple increases over multiple lease periods to get to market rate if seller is trying to retain the same tenant- Seller inherited property and just want to liquidate- Seller needs to liquidate quickly (financial burden, sickness, quick exit from land-lording)It seems like I might be missing a warning sign about a deal if they are selling with current rents that are under market; but again, this seems to be most of the properties I've underwritten.And in the same vein, what should I be worried about when purchasing a deal with under market rent with the intention of raising them after purchase. 

Congrats on this sick deal!