Hopefully as the rates and the housing market loosens so will some of these guidelines in the HML programs. from talking to hard money funds especially those who operate in more than 10 states, and 5 years of experience with underwriting teams, I'd actually disagree and say new construction is preferred to rehab due to experience level to enter the market. there's BP lenders that will do 15% LTC with 1-2 new build experience.

Speaking from the Arizona perspective, we are experiencing continued growth, attracting lots of new residents (Californians choose Texas and Arizona as their top 2 places to move).Here's an economic forecast:https://www.azcentral.com/story/money/business/economy/2019/12/11/arizona-state-university-annual-economic-forecast-predicts-slower-growth/4398074002/Not sure where you are getting your "low rent" thoughts, maybe compared to CA.

It would be smart to do a full lease audit, estoppels issued, and tenant interviews.And if you are buying cash, there is nothing mandatory, since it is your money at risk. but again, physical condition inspections, understanding of tenants (they are a great source of information about issues with the property that the landlord may not know or may not disclose), surveys to understand accurate property lines, etc.

Make sure to have your contractor ready and your cash or hard money loan ready as well to work on your repairs. 

If you can hold onto these properties over time (ie cash flow sufficient to not lose money), you have already "won". 

You are basically changing the dwelling and Baltimore City is not gonna let you do it without getting your money :D))

If the property is making money - and I mean really generating good cash flow - then those taxes are just another line item in your budget.

Typically, all services that PM does will have a charge, as that's the only way they make money.

It's like a syndication operator verse a money manager.

There are a lot of investors that want to get started and don't have the money to buy a 20 unit, but want more than a SFR, so they buy a duplex to quad.I only know of a handful of quads in my market that got cut up into 4 condos.