If it’s a larger or commercial property, consider conducting an environmental check to assess potential risks like contamination or flooding.It’s also important to request a full property disclosure from the seller, which may include known issues or defects with the property.

Also, I know those who’ve gotten hit with special assessments that wiped away cash flow and some. 

Regarding Chicago, the 2024 property tax re-assessment in Cook County should cause some inventory to hit the market, specifically on the mixed-use and multi-family side of things which will be hit especially hard.

It won’t be possible to assess the damage as wires and wood are behind the wall.

If you didn't buy solely off the fact you needed to 1031, then did tax re-assessment get you?

Condos have a lower price entry point, but many are facing insurance assessments due to rising insurance costs, so that has to be reviewed carefully, but single family homes are seeing the same rate pressure unless very new construction. 

After going to the board of equalization to reconsider the value of the property, the came back with a updated assessed value of $8,000 and some change.

Hard money is typically all about the deal, so if you're bringing in 20% for purchase and covering rehab, you’ll need to assess if the deal can still make sense after those upfront costs.One potential workaround is to look for lenders who might offer 100% rehab financing based on the ARV, or you could consider bringing in a partner to cover some of that 20%. 

I would keep in mind HOA Fees and Assessments.

For assessing demand, go to FurnishedFinder.com/stats and you can see demand data for a given city.When I was trying to determine demand for our area, I selected about 20 listings near the location I was focused on, and tracked them for several months.