Driveways, storm pond , storm sewer, signage, fences, sidewalks, fire hydrants, fire suppression, external water/sewer/electric/fiber hookup,  internal utility runs, soil compaction, epa, flood zone, flood plain, natural water flow off property, hvac, etc.

Of course you have to determine what is right investment for you based on risk appetite and desired returns.

My risk appetite doesn't mix well with flipping. 

The supply of new construction continues to flood the market suppressing rents massively.

As with any investment PML does carry risk, so investors must weigh their own personal goals and risk appetites against the returns.Long term (after that career of investing you mentioned) I see myself going more heavily into the PML/ LP route.

The payments may be amortized out over 15, 20 or 25 years, but make no mistake - if the mortgagee has no appetite to continue financing that asset, you are out.  

I will say, it’s not for everyone and everyone has to gauge their appetite for risk. 

Now, I can do a lot of things with the space, however, as it is dry, has a loading dock, is at least temperature controlled (might be climate controlled as the building has been used for document storage for a decade), and has a dry fire suppression system installed and working.

I am clear on our markets of interests, returns we would like to see and our risk appetite.  

We are also ensuring prices in the neighborhood aren't suppressed due to a RE "run."