For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

By repositioning the property (like improving tenant quality or adding amenities), you can boost the NOI over time.

Are their listings detailed with good-quality photos?

Be sure to take high-quality photos, and if possible, request utility records that confirm separate billing for four units.

Single night stays in a crowed city are a guarantee for a party.Not a fan of single nights because they invariably prevent quality (ie longer) bookings because they punch holes in your calendar.

Other qualities are being a member of National Notary Association.

Perhaps try a better quality paint to start with and lessen this issue.

Depending on where this rental is located, you'll want to make sure you file it with the right court (Magistrate/Superior). 

They're shady builders with poor quality construction.

Yes, prices are high, but there is good potential for appreciation, and tenants are generally reliable and high quality.