While on the surface Wheatie's comment seems valid but what of the mentor who truly cares, works hard with the student, gives them sound advice and the student ignores the advice and the deal goes bad.

The surface is flat, so if there is a leak it could go in any direction.

Ten units for $130K, on the surface, seems like a fantastic deal, especially a first deal. 

Typically studies (traffic, drainage, utilities) are required at the planning stage along with a plat/concept plan but not construction documents.You may be able to get 14 -16 lots on the deal unless you can reclaim some of the floodplain. 

There are lots of properties near me where on the surface they look good ($1000 property tax bill, cash flow very good) but the assessed value is 1/2 of the asking price currently, so the next year when taxes double to $2k, your cash flow goes way down.

We use Rentec but are really just starting to scratch the surface on what it can do.

It means nothing other than you have a dispute to the bureaus on your hand however, I might leave well enough alone because it would appear on the surface that their mistake artificially improved your credit profile.

There have been several Illegal grow houses busted by a PD that I know a cop on and he said the place was FULL of mold on almost every surface due to the humidity it ran. 

Zoning, permits,storm water drainage, access for tenants and emergency vehicles and addressing are all issues that can kill a deal.  

Cars not parked on correct surfaces can face fines,, so no yard parking.Other than that have a house captain "referee" to keep you informed of any misbehaving, and chore duties.