Got a couple more loose ends to wrap up and then I'll be on the hunt for another.

Due to restrictive covenants placed by lenders on other parcels, he’s unable to pay interest in excess of 9.99%We purchased the said parcel (valued at $4.6million for $2.5million, with the seller having a 7 month option to repurchase the tract for $2.975 million.

Some lenders have "float downs," but typically these are lenders with high "starting" rates to begin with, they're just cutting into excess profit they normally collect, it's not actually a float down even though it appears that your pricing gets better.So if you're getting a good rate, expect not to be able to float it down.

You loose credibility.

Excess heat and condensation can cause major damage to your roof and roofing materials."

If the rent barley covers the mortgage, then you technically are loosing money when you factor in insurance/taxes/ repairs & maintenance.

I find the additional protection excessive if you own, let's say 5 duplexes all with liability insurance policies on them.

Excessive candle burning.....

You will be surprised how many of these properties are loosing money year after year.

Only Tier 3 requires annual inspections because it "requires excessive city services, poorly maintained or managed, may be at a higher risk for fire damage".