It is better to know before you sign rather than after you close whether you need a permit for your project. 3.Sewer and Utilities Prior to purchasing vacant land, another important component to understand is whether the land is connected to the sewer line and utilities.

Although most states have adopted model disclosure regulations promoted by the National Association of Insurance Commissioners, no state or federal agency requires them to mention such basics as investment-­management fees, rate of return, and (with the exception of New York) sales commissions.Insurers also don’t disclose what part of the annual premium goes to pay the life insurance vs. savings components of the policy.

Quote from @Peter Tverdov: DeathTaxesDIY Landlords on BP complaining about the costs of property management  It's not a complaint..it is an essential component of STR ROI and feasibility analysis.

Here are the key considerations:Pros:Potential for Profit - Through the value add component you can increase profitability on your return, typically you're buying distressed homes with built in equity, rehabbing and increasing your equitable position furthermore. 

Compile a punch list of any incomplete or unsatisfactory work, and ensure the contractor resolves all issues before making the final payment.Obtain and retain copies of all inspection reports and permits for your records.Collect warranties for any new appliances, systems, or major components that have been installed.Provide feedback to the contractor on their performance, which can be beneficial for future projects and maintaining a good relationship.

Source: https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml...Always consider the tenant management component of any changes, however.

I will say that I have received assists from appreciation on all my RE investments and some of my refi may not have achieved the infinite return without the assist, but without the value add component the gain would not have been the same.  

It is called barge board because the strucural components are comprised of boards taken from barges that floated down the Mississippi River in the 1800's.

Your most critical component is a great cleaning service.

-if you have other income sources, you can think about real estate as one component.