A little details about my situation. 

Quote from @Anderson Banegas Cerrato: Scott, appreciate the detailed response!

I Enjoyed the extra viewpoint.

@Jemini LeckieIf investing locally is not in the cards I would do some research and pin point a market that fits what you are looking for and then reach out in the forums for that specific market and ask more detailed questions.

Get into details on how renovations are done with units occupied, what systems they use to mitigate tenant fraud on applications, how they set price levels for the units?  

Detailed answer:https://www.biggerpockets.com/forums/51/topics/1136752-expla... 

It should detail any liens or subordinate agreements, including the unpaid balance.

Based on your response Katee you clearly have not read through my comments in any detail or tried to understand my perspective or concerns.

Could you send me a dm with the details?

Withoutknowing the details I can not suggest which would be right to add on.Several you should pay attention to are:- Ordinance & Law: Provides additional building coverage to deal with rebuilding costIncreases due to changes in Zoning or Building laws- Personal Injury Liability: Libel, defamation of character, wrongful imprisonment, etc.