Unfortunately, even without the unexpected overruns, I suspect that your fate on this deal was sealed the day you closed escrow.

Most of the time the stuff the inspector will flag are minor items that can be fixed on the fly such as replacing broken outlet covers.  

But continue to ensure that what you are buying are deals and don't allow some unexpected funds to cloud your judgement.  

But I definitely almost lost a deal over missing outlet and light switch covers. $1.99 a piece.

Account for unexpected expenses as there is always something unanticipated that rears its ugly head -be prepared for it.

i would put in smoke detectors, handrails and lighting, i also believe that because it is a multifamily that is a requirement that even the town has. if you are referring to electrical outlets and separating circuits, then yes, when you remodel that triggers bringing everything up to code.

@George Torres From the little I know that Rams thing is not just Rams, it also includes NFL, Espn offices/studios, major sports brands, other media outlets, perhaps 2nd team, year round events, concerts, etc...the dude just spent another couple hundred million in the Valley too. 

I'm here in town, if I can help you out let me know.

As you point out, lets look at the last crash.  

It might be a good idea to have a written partnership nuptial.I understand how it is to be busy with all of your businesses.Some of my businesses are; Real Estate Management, Auction Company and Investment partnerships.I do find time to practice my art.I guess it is OK to announce my art show, all sales go 100% to charity, The Smile Train.www.auctions.investorsunited.com to see the bidding process and view the paintingsAlso on Flickr at www.flickr.com/seeparrishartBrandon, I think it is important for people like us (managing lots of businesses, lots of stress and controlling the moving parts) to have an escape, a diversion, a creative outlet, a mind break from businessWhat are your thoughts on that?