Even if you disclose the situation to people occupying the space or building or using the property and require them to sign a release and acknowledgment of disclosure, by allowing others to be exposed could create a potential liability on your part as well as the original responsable party.

Regarding subdivisions that have disclosures indicating that annexation will take place 4-5 years in the future where properties have access to city utilities (water, sewer, trash, etc), what are the benefits of having delayed annexation to the city and/or developer of these projects?  

Make sure to get all of this upfront so you know exactly what you have to factor into your numbers.As far as documents, they usually have a folder worth of documents to fill out depending on the lender you go with, anything from credit authorization forms, to business and LLC disclosures, rehab estimates, rehab draw/fee disclosures and all the closing documents of course.The bottom line is to get all the numbers/fees/terms up front so you can plug and chug the numbers to see if it will work out!

@Philip GephardtTexas is a non disclosure state so the recently sold data on sites like Zillow or Redfin are showing the list price, not the sale price.

Ask seller's agents for rent rolls and seller's disclosures then "run the numbers" as we say using dealcheck or similar rental property calculator.

Full disclosure...I plan to get my real estate license within the next two years.

This prompted me to push back on the seller for  further explanation/disclosure on any past roof leaks. 

For full disclosure I barely call myself a RE inventor and am not a realtor/in the industry.

I'd give them the disclosure and remedy in writing (but it is still my responsibility) and I would inspect at 90 day intervals.

Usually by looking at a disclosure or permits, you can determine the age.