The turnover rate and having attended a few huge house parties while in college were the primary two reasons I decided against it.  

Meaning a test by a qualified 3rd party the day prior to move in with affidavit stating it was clear of all pests.

I plan on buy and holding for the most part. I

The tricky part is if you buy the property and then add MORE to the property then there might be some things to know about.  

So the determination and reporting of value as well as handling debt and cash is your challenge when not using a QI and doing the delayed 3rd party exchange.

One one property where we were space constrained we worked it out with the neighboring owner for our tenants to use their recycling dumpster -- saves cost for both parties, easy for tenants since the dumpsters are basically back-to-back. 

I like "Let's Get Real or Let's Not Play" which is all about creating win-win situations where both parties benefit.

Either way supply the "protect your family from lead in your home" pamphlet and have them sign they received it along with the other required sig/initials both parties are to do. 

@David Crews 1) Borrowed 135k for the lot from a private lender on an UNsecured note (obviously this only works w/ highly trusted parties)2) Borrowed 392k from a Local Bank #1 for the construction who had first lien position 3) Leased the property for $66004) Re-financed with Local Bank #2 at completed value (to pay off Local Bank #1 and unsecured note)

The structurally bad part is that we have small, unnoticeable earthquakes all the time and the basements then didn't have rebar, adequate thickness, or good footers.