When repair issues arise, I react promptly.

At that point (having received your information) he is obligated to full disclosure, including to disclose any non-permitted work (if he is working with an agent, suggest to the agent what kind of lawsuit could arise from a misleading listing).All of that said, if you are dependent upon the income of 5 units to make the deal work, confirm it with the city.  

It sucks to have to spend that on basically nothing, but welcome to the life of a landlord :) Thanks for all the help and I'll keep you updated if anything new arises! 

I'm thinking I need to attach to a real estate agent at that particular area as well as a property manager to oversee issues that may arise since I'm obviously not physically accessible.

Of course, no lawyer can think of every possible issue, the more you can decide on and put in writing now, the less chance of a dispute arising between you in the future.

So, he advocated trading up at opportune moments to avoid the issues that may arise from the buy-and-"mold" strategy.However, he called the 'trading' strategy capital growth and contrasted it against buy-and-hold. 

Right now, I have my "emergency funds" split among: 33% high yield checking account paying me 3.00% APY/ 33% individual stock in brokerage account / 33% in mutual fund account invested in a mutual fund that does well in a rising interest rate environment (which, may take a while, but we'll get there.  

If an attorney is sitting there, they may commence, if the attorney is not present, the contract will be reviewed by legal counsel at a later time, but this is not really something to require in a contract unless you agree that the contract will become voidable within a time period arising from the findings of such review.

The biggest problems arise when tenants damage property, when they leave in the middle of the night without paying rent, when they cause problems and drive other tenants away, when they drag you into court because they refuse to abide by the rule of law.

If there are problems or lawsuits which arise from it, you'll be on the hook since you provided 'legal' services.