At an absolute bare minimum the lease should specify that the tenant is not able to make any changes without your consent.  

I pass my costs onto them with rent increases and they can barely afford rent already.

The drawings are bare bones, enough for a permit.

So, the advice at least here in Phoenix is: lower price points, smaller flips, just clean it up, clean it up, clean it up, do bare minimum finishes, and price on the lower side of active listings and we are still doing well.

I remember about 2008 watching an interview with J Kyle Bass and him explaining how he saw the crash coming, tried to warn people and at that time his investors were up 1,800% while I was barely keeping my head above water.

If you look at the rental history of most of the units they barely receive 10k a year before the local realtor gets her cut.

But at a bare minimum, the 'catch' is at least that you're doing all of the work to find the deal, plus paying to be in the program in the first place. 

Compared to building several homes on a lot to sell, there are very few contractors that build apartments to hold and rent with the exception of when an investor actually wants to build, rent and hold.The reason most contractors don't build rentals to hold is because rental income barely keeps up with inflation.

Most Accountants and bookkeepers only do the bare minimum for your money.

Michele Hamer If the property is free and clear and you need barely 15% of the value (1.7m/250k = 15% LTV), bridge lenders would be a smart option.