@Rich Harris another component you can look at if you are working with a Realtor:Have them do a  comparative market analysis (CMA) this can show you how long properties on the MLS have been vacant on the market.  

How's the F&B (food & beverage) component ran?  

Some come off as doing commercial real estate but are general practitioners and it makes up only a small percentage of their business.You do not want an attorney like that which will just research things and ask colleagues and try to wing it.Instead you want an attorney where they show commercial real estate with a retail component and some development experience is most to all of what they do.

The LTV number is one of the components of underwriting.  

@Chad Duncan When they talk about closing quickly, they're talking about the escrow process, such as the title search (ensuring that you receive clear title, so if there are any liens or judgments against the property, it may delay the closing date) another component is the loan process, which is what usually pushes out the timeline in escrow.

Just a thought on the LLC component. 

RENTS - can only increase so much to keep pace before a property is unattractive and vacancy rates increase and rental rates become a detriment to the investment because there is a limit to which rents can rise in a given market (sustainability or lack thereof).

Also the information I have learned so far in my RE class has been detrimental on the way I look at REI.

Strike Plumbing ($6000 in worn out copper), fixtures (expense), Components (expense), Structure (unless you are in CA;), Countertop (expense), Paint (expense), and Landscaping (expense).

Reading the buy-laws, there does not appear any legal reason for us to refuse it.However, for my peace of mind, I was curious to know if there could be any risks associated with an investor buying more and more units to the point where they could force the demolition or vote decisions detrimental to the residence.