Unlike a reg mortg, the CFD owner can be on the hook to local muni's, taxing authorities etc. 

The previous seller is not allowed to put in a new water heater in without your authorization on your dime.

Using the 2.8% from above I can tell the tax authority 'thinks' his property is about 845,000. 

You have no legal authority over them and will be overstepping boundaries.When does the current lease end?

I think reporting to licensing authority will not be problem.

The Southern Nevada Water Authority has a landscaping program where they’ll reimburse the owner $3 per square foot up to 10,000 square feet to replace landscaping with water conserving plants.

Stick to fundamental buy-and-hold real estate...noting glamorous or fancy...If you have safe, clean, and appropriately priced units...focus on C-class value add, and maybe consider working with the local housing authority to accept housing choice vouchers, you will have long-term occupancy, debt paydown, and equity build for life.Investing is relative, and I doubt your main motivation to invest in RE is to contribute to the list of "25 fastest growing cities in the US"Best of luck

Do leases lose authority over new owners?

Would recommend them and his co-author has a popular book on MF as well.I’m a newbie and found the book spot on!

The company is owned by two of our advisors/tax attorneys (Mark Kohler and Mat Sorensen-author of The Self Directed IRA Handbook).