These risks can happen to anybody no matter the type of investment they make like your investment house can blow up and insurance doesn't accept your claim, you could get hit by a bus, and boom no money, and so on. 

. - We almost feel sorry for the foolish/naive DIY landlord that inevitably falls for their sob story and accepts them.We have had 2-3 that have gone through our process and so we accepted their multi-month payment.

SFH for mtrs.Nothing came through.Latest deal looks promising; in 2nd stage for negotations.But there was a plot twist.My current offer is $12K below asking and the seller has accepted it but taken off the offer for seller buy down, and won't pay my agent's 3% commission. 

That being said there are those that are willing to accept buying in an appreciating area where the rent only covers the mortgage (PITI).

I would be happy to have them move the large storage shed and its whatever contractor provides an acceptable bid rather than city employees doing the work.

In the City of LA these unpermitted units typically still end up with a decent amount of construction work to bring it up to current code standards, but if you plan for it, and your budget/proforma allows for it, it can be an acceptable investment.

Something problematic they find that was undisclosed on your application (not saying you'd do this, just giving an example), title issues, entity issues, issues with the appraisal even if the value is acceptable...you can either bite the bullet and pay for the appraisal, don't move forward with the loan, or try and find a HML/PML willing to lend to you without an appraisal. 

You would have to line up carriers that accept LLCs on non-owner-occupied dwelling coverage.

Heck, who knows maybe they’ll be acceptable. 

Yes I too listened to his podcast today and agree with the above comment he pretty much was saying how to good and too busy he is to come on BP and answer our questions.Funny how he is too good too spend time on BP but has no problem accepting all the free promotion his two appearances on the BP podcast have given his company.