If the balcony is dangerous, have it repaired or removed.

Greg M. is right, you are operating in dangerous water once you start to change your plans due to age of a tenant.

I’m looking at buildings between 4-10 units as there seem to be fewer properties larger than that on the market now (and they are getting snatched up pretty quickly).

How dangerous is it to invest using “Appraised Equity” if the market goes down and your house is upside down?

As for ARV, that is a bit harder up north as there are usually fewer comps, especially for recently flipped homes.

Inflicted with some minor burns, she sues McDonald’s, as if she shouldn’t have known that coffee is hot and driving with it in your hand or legs is dangerous.

For me time is very important, so fewer entities, at least in layers is important. 

And this is a niche worth being in, due to many Landlords are loathe to being in this sector of tenants, & hence, there might be more opportunity in this sector, that might make landlording a little easier to be in, due to fewer have Rentals aimed toward this crowd.

Dangers to this approach...anyone?

There is no immediate danger to the property.