(Noticed I didn't include architects in that list - from my experience most architects are great at building design but shouldn't try to do land planning.)If you have never done any development like this before than it would make sense to partner with someone who has (or flip it entirely) once you have a site plan of the property's potential.

Before listing it, I had lots of expenses, including painting, floor refinishing, plumbing repairs, staging, cleaning, etc.In a 1031 exchange, I purchased two small multifamily homes which also have some roof work, painting, plumbing, etc. 

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Thanks, Nina Yes, we have them put all utilities (including water, if SFH) in their name.

Market rent was about $3,300 at the time, but we agreed to a $5,000/month rent that includes $1,000 rent credit (which was stated on the option contract, not the lease contract). 

In my initial communication I make sure that they have read the entire ad including the acceptance criteria.

If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

There is also a single family house on the lot next to it that is included into the deal that I will be rehabbing and renting out for $1300-1450. 

Open to most types of RE including land/SFH/MF/Commercial RE as long as its mostly passive, and can meet most investment minimums/accredited investor.