In those years, I had tenants doing an adequate job, to ones where they don't get to mow till it's over 6 to 8 inches long and neighbors complain and threaten to call the town.I found tenants who take their mowing seriously are blue collar family types.

The current proposal may not be adequate to your way of thinking, but the definition of accredited investor needs to be changed.

As long as adequate thought is put forth, any question is game...Bird's eye view here - I would find out how long he/she has owned some of these properties.

You must require that all tenants have adequate insurance coverage to protect third own homes.

Newbies should jump for joy if they get an adequate agent.

I guess my biggest concern was with the ability for these units to provide adequate heat as well as cooling.

(d) Adequate heating facilities which conformed to applicable law when installed and are maintained in good working order.

And assuming they have experience,I'd still make sure they have adequate cash reserves in case things go south. 

The best way to stress test depends on the market, portfolio, and the asset class.At the end of the day, both are solved by having adequate reserves, not sucking every last dollar out of your property, and having manageable expenses. 

I would never "gut" a house unless it had an issue requiring it (water and mold, smoke damage, termite damage, etc)We usually will "fix" something instead of replacing it if we can. ie, a door with damage gets wood putty or sheetrock mud and then a repaint.It's always a balancing act to put a property in market condition and still have the margin  for adequate cash flow.