Markets that are growing in population, jobs, rents, and income - leveraging both demographic and economic fundamentals - all helpful risk mitigation factors- working with syndicators who've either experienced or witnessed deals go south - syndicators who are savvy enough to be conservative in their projections, set aside reserves, have created realistic sensitivity analyses, have good banking relationships in place - investing with these types of syndicators, with a track record through ups and downs, helps to decrease risk.

At the end of the day, real estate is a time sensitive investment, the earlier you buy and hold the better.

I have also read of people doing multiple-applications as something of a safeguard.

Since that was the only kind of claim I had ever made I was sensitive to this.

4 - What would you estimate for average monthly power, gas, water, and trash (I know, this is going to be a wide range depending on # of occupants, climate sensitivity factors, etc)?

Last note, be patient and take into consideration that real estate is a time sensitive investment.

Vacations are the first thing to go, which is why markets that depend on tourism are very sensitive to economic events.

Well, if it's your funds, a copy of your bank statement with sensitive information blacked out (like your account number) will usually suffice.

If the previous tenant didn't complain about the noise, the new tenant may be more sensitive to noise. 

I'm super smell sensitive, it always leads to questions and the answers.