There is also a LOT more legwork on your end getting the property entitled/permitted, renderings, budgets, etc.

If you hold a property as an individual you may perform your own repairs and pull permits.

Housing permitting an policy is generally controlled at the local level be politicians who are not well-versed in finance.  

There is still much controversy over the legality of that product in California.The city of Los Angeles, and many other cities in So Cal, have taken strong stances against tenants in buildings concerning their use, their occupancy permits, and their stringent review of the premises which may or may not impact the landlord depending on the city's findings.I'm in the CRE business and I won't have anything to due with this type of tenant.

They have brought lots of knowledge and we have also learned a lot from them in regards to project management, rehab costs, and permits.

I understand that I won't be building any equity by purchasing a leasehold, and I do need to get additional permits and pay additional taxes if I want to do this legally.The reason why I would want to do this is because it's cheap to acquire a leasehold condo and the monthly revenues from rent could easily take care of the mortgage, lease rent, fees, and taxes.What things am I not looking at?

Permits will be pulled Monday and the electric, plumbing, and HVAC should start Tuesday.

Ngo The cost i am using are base off of permit valuations.

This allows you to take the reading without going into the unit.Check with your local jurisdiction if permits are required.

If it was properly abandoned, they’d have documentation including some DEP permits.