I purchased a number of properties this way, and sold a few too, with nary a problem arising. 

A lot of problems that arise during permitting and planning can be avoided by being proactive.Build relationships with sub contractors.

This also gives me solid staying power when maintenance costs arise. 

Interview multiple agents they work for you and need to be trusted advisors, guides, and direct with issues that might arise. 

That would certainly provide added leverage should problems arise with bookkeeping, receipts, estimates, etc.

In the thread of a conversation, statements may be made that are fine within the context of the conversation, but may not reflect well or accurately when the snippet arises within a search engine or other index tool.There may also be information that I/we are happy to share with the BP community, but not necessarily with the Internet-at-large, especially any details about our specific properties or business practices and processes.

We plan to stay in this house for more than 5 years unless another great opportunity arises, but maybe it is best to allocate a bigger portion of savings to our real estate investment savings account than our home improvement savings account for the first few years.

If a dispute arises relating to this Contract (whether prior to or after Closing) and is not resolved, the parties must first proceed, in good faith, to mediation.

If you plan on buying additional property, you should indeed go on more calls to assess and meet the repair person so that you understand the problems as they arise.  

If you are consistent with these action items you will avoid most claims, your business will be more profitable,  operate more efficiently and if a claim were to arise you will have all your ducks in a row.