Even propane is a problem.  

Higher cash flow and no risk on interest rates, but exposed personally.

As a result, without some agreement with the current listing broker, you could not expose the land (or subdivided lots) to the MLS until title transfers and your developer client owns the land.The situation might also be that the developer went directly to the landowner that was not represented by another broker to effect the purchase of the land.

Compare this to the typical BP investor who has just a handful of properties and is exposed to much more risk.You can invest in a fund of triple net leases, which yields very well, and also has protection if and when the economy has a downturn.

Every option requires a refi to that bank, and to get a decent rate I'll end up with a 5y loan and a 2y rate reset that exposes me to interest rate risk.

If it's exposed you should replace it, but if everything's working fine then it's been working fine for a century.

By Ali El-Wakeel, Originator | September 9, 2015 | Cash Flow | Colony American Finance | General | Income |Investment Ideas | Investors | Property Management | Real Estate | Renters | Single-Family Rentals | TipsSince the introduction of term financing in the market by early 2013, Investors are exposed to different qualification parameters in order to qualify for stabilized rental portfolio financing.

All of the plumbing appears to be there, as there are some exposed copper pipes and fixtures still in place. 

With this level of a rehab, I do believe you will open MANY not currently exposed issues that you will have to remedy and also believe you may be off on your electrical.  

This is all pretty new to me as I've mostly been exposed to property management and now notes, but I think your ebook could be helpful.