As for occupancy it has had to have been empty at some point in time, so that would feel to me like he's already sugar coating it.You can ask for copies of all the leases to see what they say about change of ownership and their rent.  

After recently exiting a lucrative startup I am left with quite a bit of capital for investing in real estate which is something I've always wanted to do.I have been lurking on the forums for quite some time and I am definitely interested in 2 approaches to investing at the moment;1) Buying condo's as cashflow investments (buy and hold) as close to an affordable downtown core as possible to also hit a potential appreciation, although I'm aware i should never count on appreciation but being from Vancouver its in my blood I guess.

Find a sugar mama and you're set. 

Tenants can smell the blood of a new landlord from a mile away and they will bite.  

On the other hand, areas like Sugar Land and Pearland have been less affected due to their accessibility to the medical center.  

I think it’s fair to say that if construction were a molecule that could be identified in one’s blood, an abundance of them would be found in mine.

Don't just run in throwing money around, even less-than-smart people will smell blood in the water right away.Even if you stand to make a fortune in this deal (and I'm hoping you are, since you're willing to torch six months rent to get into this property), don't just give money away for nothing, it's bad practice.

The GC will not tell you unless your related by blood on this matters and they will use it to there advantage.

And if it turns out to be an untenable situation (after 4 years of blood, sweat, and tears), I'm on the hook for all the construction costs??

Being in business means taking care of paperwork, paperwork is you businesses life blood when it comes to dealing with bad tenants.