Also some one said you have to have your investment registered, does that mean a certificate of occupancy?

You could require obedience certificates or ask to see the history from the shelter or rescue.

I know that you need the survey, you need to design what is going in the flooday, You need to design how you are offsetting what are doing to get a zero rise certificate, you need to get the FEMA floodway model and then have someone do the software run and make sure that you have zero rise and mybe tell you that you need to change more, but that seems to be mostly internal design and engineering?

Whats worse is I know some GP's do not even know what the definition is. precisely, there should be like 10-20 self-certification question, for example givethem question like this:a) if gp is buying with 5% cap rate and interest rate is 3% with rate of change of appreciation per year is 0.25% cap rate compression, what would be the IRR for investment ?

Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called an estoppel form or agreement).

This is why it is important to get an estoppel certificate signed by tenant and seller prior to taking on a inherited tenant.

Need CCIM certificate.

Generally, under the certificate of formation, under the supplemental text section of the form, you add the series information.

The barrier is the additional complexity - now you are operating two sets of books, and filing two tax returns, and have more operating agreements, more state registrations, etc, need to manage cash better, need to keep in constant mind that your rents need to be a supportable FMV, which may require getting third party certification on your rents so that in the event of an IRS audit, what you have done is supported.In short...the size of the project, and the taxable income, need to be of enough scope to make all the additional costs and annoyances worth it. 

@Presley BeckerMake sure to get estoppel certificates from the tenants.