You need to become an expert at properly analyzing deals and assembling a pro forma package to present to investors.

Now, when it comes to building a house then you may have more control over each stage of development, which should allow an Investor to control costs and increase profits if planned and managed properly.

I do things the proper way. 

What kinds of trouble would I run into trying to purchase a home without the proper documents?

Then properly diagnose?

I always like to add a first right of refusal clause in there, so if the note holder/property owner wants to sell the mortgage at a discount in the future, they must first offer the discounted price to you to pay off in full.From there, you'll want to close with a title company as normal, getting all of the proper insurance, etc assuming its marketable through a warranty deed. 

Proper lighting and video cameras are the base layer.

The potential pain in the *** is you can't properly file your individual returns until you get your k-1. 

Some of the challenges:1) Pairing clients with properties that with an affordable plan yield the results the clients need2) Get the property into contract in this aggressive sellers' market with strong STR property buyer competition3) Deep due diligence to minimize property risk during inspection period + create best COE plan to yield the highest possible cash flow + start scheduling post-COE reno work4) After COE, get the hot potato moving- help in any way necessary to make sure my clients get this work done quickly and without complications so they can get their property on the rental market ASAP and start generating cash flow.5) Occasional STR audits as requested (always an option) by clients, to further boost their cash flow, and effectively their home value- based on income approach.

Month to month you can give proper notice and follow local laws.