Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

Recently had a conversation with an MLO who had their license with Company A (NMLS regulated) and then on the side, this person conducted commercial-only business loan-related activity by starting their own LLC (company B) in the states where no mortgage licenses are required.

Washington D.C. is fully embracing this trend, partnering with Monumental Sports to conduct a $800 million renovation of the Capital One area, which is home to the Washington Capitals, Washington Wizards, and other large entertainment events (Source).

If you conduct yourself as a serious investor truly looking to work with that PM than they will likely help you through the process, especially if you use them as an agent.

It is defined in terms of actions which would not be acceptable to any fair and honest man, or conduct which is monstrously harsh and shocking to the conscience.

Windows would be my next check-point (less than R1) and then wall insulation: I would not be surprised if they have no insulation inside, but you can do blow-in, which only requires a small hole.A home looses heat in two ways: heat conduction (which you can slow down with insulation) and drafts, which in old houses is usually the biggest culprit.

As I stated above, maybe it is because I'm in the south, but if you attempt to speak with people, conducting due diligence, they become offended you would question anything they provide. 

Get familiar with the laws in the state you will conduct business in.

Based on my experience coaching investors with my husband, who was a realtor many years ago, I strongly advise that, regardless of whom you work with, you meet the team, conduct thorough market research, get an appraisal, schedule an inspection, and also arrange for a site visit.

I guess it's just too many factors to consider and it easy to get overwhelmed and cannot get accurate info and estimation when I conduct analysis (ex. property tax rate, insurance, maintenance fee, rent, repair, closing cost, etc.)