Unknown people on the lease?

However, there are a lot of unknowns for us on the outside looking in to your situation.

I'm aligning all of my steps and one that sticks out to me as an unknown (for now) is the ability to refinance out of a hard money loan with a long term portfolio or conventional loan. 

It doesn’t look like a good enough deal to hold with an unknown tenant, unknown market (fix and flip, markets can change and 14 mo is a long time to be locked up), or enough spread at the end to make up for the risk.1. 

It appears that I here are several unknown items on your spreadsheet.

It's tucked back in a practically unknown area with only one street in and one street out, so crime is extremely low for what is considered normal for the zip code as a whole.

Great point.The dollar figures for cash flow per unit aren't horrible (at least they wouldn't be IF we were using financing), but the percentage rate of return (especially with a lot of the unknowns that come with a 100+ year old property) is pretty dismal, I agree.

Note it allows an unknown party (the fictitious owner) to be the bad guy.  

I am estimating largely for the unknown, because I'm really not sure with a job this size. 

When it says they do no guarantee clear title, do you do a preliminary title report or something to assure yourself there's no unknown liens?