I try to stick to non-time-sensitive refinance only in the non-qm space.

lolKnow that while Self Storage can seem attractive, it is a LOT more price-sensitive to inventory.

Lenders don't always require Phase 1 reports but be prepared for a recommendation of a Phase 2 report if there has been any indication of above/below ground fuel storage and/or any other type of environmentally sensitive materials.

Don't set a lease term for more than 2 years due to mortgage terms.Some units are sensitive to market conditions, college students again, run by semesters, when school is out they'll be gone.....or will they?

Students are generally harsher on the property but they are less price sensitive.

This ties to what @Ryan Evans said of being hyper sensitive to location, which in up and coming areas is somewhat speculative, thus increasing the risk.

They can be very profitable but are also very fragile and sensitive to economic downturns like 2009 and right now. 

I certainly had my 6mo of living expenses rainy day fund that I took from, a little bit, and other semi-liquid sources I could use in the worst case, but I played it by ear and was able to take my time with many of the non-time-sensitive renovations.Because you're owner-occupying the property for at least one year, you can spread out many renovations such that it's a more constant trickle of cash required every few months or so.

Sharing a house with someone while having kids can be a sensitive issue. 

How are these risks accounted for in their financial models and what sensitivity analysis has been done to demonstrate how their margins of safety afford buffers needed?