Quote from @Melissa Leak: Quote from @Trent Zimmer: Quote from @Caroline Gerardo: If you transfer the deed to LLC and the servicer or lender calls the loan due in full, the friend's credit is damaged by foreclosure for four years. 

To your other points..PMs typically either do the evictions and appear in court or hire an attorney to do the evictions and you incur additional fees.When you go in to change the filters please take more time as the most important thing you're looking for are leaks in your plumbing system.

Other things that concern me about townhomes, in general, are things like who owns the common roofs.  

The lease states: Landlord agrees to make all necessary repairs to structural portions of the Premises, including the roof, exterior walls, foundation, and exterior sewer line.When preforming agreed upon repairs all the toilets were flushing and operating, not clogging.The tenant has been occupying the building for two months and emailed me yesterday saying that all the toilets were clogging.

Older roofs, statistically, will need more repairs.  

West side roof needs re-roofing. 3.

Prices are through the roof in places that haven't seen appreciation for 50+ years.

Not in that market but we target distressed properties with bad roofs.

Fairly cosmetic rehab incl roof replacement and mechanicals, $40K budget, done in about a month and a half, and now am moving towards placing into property management and flipping out of my rehab loan. 

If you are converting a "non-restaurant" that can be $500k-$1mm build out. c) CAMs: since it is mixed use, who pays what for roof repairs, concrete work, etc.