@Pat Arneson After working with my primary contractor for about 23 years (give or take) he now accompanies me on all my walk throughs.

I would also be concerned with land rent going up over time, and having no control over that.  

You're right that they are expensive, but when you consider the net present value of those dollars, it is well worth the cost (1.5% on the front end then 1.5% annually).My greater concern is from the regulatory side of things.

However the negative reviews have been consistent for a few years, and still recently, so that is a concern.

ARV: Be conservative on your ARV since the appraisal concerns one person’s opinion.Timeline: Whatever a contractor says, add 4-8 weeks and budget for those holding costs. 

I do have a property manager on-site to address any concerns my tenants have. 

My biggest concern with this market is that it is very limited compared to many other larger markets. 

As mentioned if you're concerned, just keep a close eye on your credit profile during that period!

If you have any questions or concerns, please dolet us know so that we may address them." 

I'd recommend having them help out with the contract portions, if anything to help with liability concerns.