Needless to say, the Seller of these instruments was not as impressed with our diligence, discovery and epiphany.

In our discovery calls, it shocks me how often people tell me that they haven't heard from their CPA in months despite repeated calls & emails.

Have you had an experience where things looked great until a discovery or inspection radically changed your perspective on the property?

Cat hoarding.I've seen this before, lost track of the number is right.All cats were surrender by her to homes as pets, with help of the local fire department volunteers catching them with heavy fireman gloves and crating them while she was off the premises--with her permission.The crates came from a no kill shelter, who also worked to re-home them after vet checkups and fixing.They ALL went to (good) homes as pets.It took an intervention type thing to get her to release the cats, but she knew she could not take care of that many, and they were not as well off as if they lived with families as ones, two or threes.From discovery to re-homing about 1 month. 

Just wondering if there were other discoveries that make older homes less desirable (and possibly dangerous) and if so what should I be looking out for?

Mason, you're in for a discovery...you really do not have any choice but to include utilities in the rent unless you're planning on installing sub-meters. 

Next hour or so will register EIN with IRS, best selection I have found during discovery is to establish it as either 8832 or 2553 instead of individual/disregarded entity.Between the two found that S-Corp may be the best route vs Corp since it is definitely considered Small Business.I appreciate you sharing some color to this monochrome current position I am in.Thank you all dear BPeers!

It was one discovery after another when dealing with an older home, nothing is updated and they found their $550k investment turning into $1.5 mil, they have yet to fully open doors.

I just discovered that if I live in California and I have an LLC (in or out of state) I will be required to pay Franchise Tax in California (annually 800$) for each LLC.My first plan was to create for each property its own LLC.This discover is changing my plans (and my numbers of course 🙄 )A few options that came to my mind to try to avoid this route:1.

When did you discover this passion of yours, and how did it lead to your discovery of real estate investing as a possible solution?