An LP writing a $10mm check, likely, will visit the offices of the sponsor and spend a few days with them.  

Hi Gavin,This is fairly common, and it’s great that you’re thinking ahead about how to handle utilities responsibly.

We work with a lot of relocation clients and when I ask many of them say, they had no idea, but they visited a while ago and really liked it.. 450k is about the most you can spend on a duplex here.

Get architect into the house when you are in escrow, get all drawings and site visit done while in escrow along with prep to submit once you close 2.

Skipping ahead many months, I'm happy to report that half of the equity wiped out by the lien was recovered which made a big difference for these folks who were looking to retire.We purchased the house when my wife was 8 months pregnant.

did you do an in depth dive or visit any of the cities?

I'm in Austin and there is a online mattress showroom that I visited to try out different brands. 

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

But for sure ahead of curve if any. 

No chance the PM should go there ahead of time.