You will be alright...You can call it anything you want, but that won't impact a judge's determination of whether it's illegal or not.

Around here, that just impacts what the exterior of the home looks like....paint, siding, windows, etc

On the first property I did I didn't have HVAC and actually could see what impact to the value was on the write-up.  

Thanks.Account Closed, you're right I can't impact any of those assumptions, and I agree sitting out could mean missing out on growth.Thanks so much for the great advice folks.

How you respond to a situation is critical and will have a direct impact on how well you do in this business.

Were any impact fees applied?

These things will impact your ability to rent that house to a solid tenant.

About all I would add is to meet with several pros, like an architect with experience in this area, lenders, environmental firm, for lead asbestos, etc, engineers to make sure the place is even sound, subs in all areas, etc...etc..

A short time horizon means that even small movements in cash flows impacts the numbers significantly and thus they lose the glamour they would have if they were being held longer3.

I had just completed a course on Environmental Management and planning to start a small business.