HUD is changing its inspection criteria from Housing Quality Standards (HQS) to National Standards of Inspections and Real Estate (NSPIRE).

While you are learning and living in your first one, you want to make sure that you are keeping up with the repairs so that when you make a decision on what to do with it, you don't have a potential issue with the property you want to sell or rent when you are about to buy another.

On paper looks great, in reality too much hassle, not as great quality tenants, and what you're seeing: too much competition. 

This means placing quality tenants, avoiding excessive displays of wealth in poorer areas, and most importantly, not getting involved in things unnecessarily.

She sent a reputable plumbing company out and they gave us a $9000 bid to do excavating, repairs, etc. due to some roots getting in some plumbing under the house.

Additionally, ask for copies of all tenant leases, any recent inspection reports, and records of capital improvements, such as repairs or renovations.

It's oversaturated with crappy wholesalers who don't know ARV and can't estimate repairs costs. 

3) If a flipper, what was the quality of their renovations?

The trifecta is making the owner and property manager happy, compensating for the extra risk, issues, and potential repairs, and encouraging the resident to limit the number of pets and be sure they are not damaging the property. 

I would say a common error that people make is underestimating the cost to fix or repair something.