Start communication about 2 months prior to the lease ending sending out renewal emails and following up with a text or a phone call to confirm.

Have you confirmed all of the possible use cases and what you would need to do for multifamily vs. mixed-use?

During Buyer's title search, it was identified that there is no Certificate of Occupancy (CofO) for the home confirming it is a legal 2 family. 

Any property you get into, though, you should plan to have a good capital reserve account to address the problems that will inevitably come up.If you're looking for properties that have stronger cashflow, I would look toward the South East of the USA. 

Repairs and Maintenance are not cheap and shipping carpet/furniture/etc to Hawaii calls for huge price premium so I would be sure keep a reserve for replacements.  

They don't build a proper reserve, failing to account for turnover costs, vacancies, capex, etc.

I heard that as well but cannot confirm. 

Do you have the reserves to pay rent and utilities for a few months of it doesn’t get rented out right away?

At a bare bones minimum, the letter confirms the start/end dates of the lease, monthly rent, paid-through date, absence of any prepaid rent other than the current month, and security deposit amount.Better, it will include statements there are no unresolved claims or disputes or repair issues with the current landlord, and no verbal or written side agreements.Better yet, it will include a copy of the tenant's lease, and a confirmation the lease is a true and correct copy with no amendments.

Ensure you have an emergency fund for vacancies or repairs and verify market trends to confirm the investment supports your long-term financial plan.This post does not create a CPA-Client relationship.