High turnover, lengthy vacancy periods, and greater tenant damage will vaporize your hoped-for profit.

Have you got a lengthy list of cash Buyers that you could bring to their Sellers?

In order to get approval to build a new construction three family we had to get multiple variances which also became a lengthy process. 

Evictions are lengthy in CA in the best of circumstances.If you don't have an attorney, you need to find one.

I just read the rather lengthy "Code of Ethics" for one Board of Realtors.

Replacing overdue roof....with tenants there...And we had been having a bunch of rain..spells trouble.I'm happy how we handled everything thus far.

You can put 5% down for owner-occs (my deal was a purchase price of $170k, $35k rehab, all in for about $8k on my end and it just appraised for $290k)Cons - the process can be lengthy so you need to have a contractor that you know and trust that is ok going along for the ride.

You could have a lengthy eviction, major tenant damage, or a big HOA special assessment in the first few months.

Do I think it needs to be formal and lengthy?

Would a 25 page business plan be too lengthy?