You must have some sort of secondary egress if there is a living quarters -- either a door or an egress window.There is pretty standard wording in P&S agreements that all work has been properly permitted. 

Here are the last 10 multi family properties that have sold within a quarter mile radius of 3753 144th.

Look at personal guarantees/corporate on the lease and business updated financials and personals on a quarterly/biannual/ or annual basis.There are tons of other items to look for.

Seemed like overkill.... then I found it and you heard the guidance correctly. https://www.cincinnati-oh.gov/fire/fire-prevention/smoke-alarms/For clarity, it looks like the law is "all rental properties have photoelectric smoke alarms installed outside the structure’s sleeping quarters" but the guidance included "inside every bedroom, outside each sleeping area and on every level of the home". 

This is EXACTLY the times we were warning against...Another time is coming, perhaps 2 or 5 or more years, when this 5%+ quarterly (at least in my town) growth of new Airbnb properties leads to an implosion of occupancy and/or rent in the STR space.

Jacob, I have been a passive investor (Limited Partner) in several of these structures, where I get a preferred cash return (quarterly); a % of the equity/upside upon sale, with a minimum IRR% as a "safety net" before the GP gets his promote on my capital. 

As for hold period, I am ok with longer hold periods if the distributions are monthly or quarterly and greater than 6%APY and then the liquidation of the asset gets the IRR of 14+%.Thanks for the great questions and helping me to better communicate what I do know and figure out more of what i need to learn!

Info stops at 2nd quarter 2014 but it says a lot. http://www.city-data.com/city/Mount-Vernon-Texas.h...

I will be purchasing mine by early 1st quarter next year and would love to hear your story.

That included frequent communications, reviewing the quarterly financials if desired.