- Knob and tube wiring, screw-in fuses, low amperage feed to building - The historical designation prohibits freedom to renovate with modern materials - unlined chimneys - egress does not meet modern code (e.g. window opening size, 2nd egress from bedrooms) - cast iron internal waste or water feed lines - outlets are out of code (GFI for washers, over counters, in washrooms) - hardwired, interconnected fire alarms may now be required - old underground utilities or oil tanks that are not known - dry rot in floors from old water leaks - trees have deep roots that entangle waste lines - nothing, absolutely nothing, is plumb anymore. 

@Thor Bolle I see you have a good comment above already but try posting in the "international" forum as well. 

But your Internal rate of return is huge. 

We have a locked in $ with a landlord which means our internal labor time is locked, to make $ we have to use less to create a profit margin, and enough to mitigate those times when it's more.

Same thing applies if the water heater is obviously screwing up in some way, and the tenant wants to shut off power to it... it won't be obvious that both tenants need to turn off a breaker to shut it down completely.You could fix this by installing a disconnect switch next to the heater, but if the heater works like I think it does, it would have to be a fairly unusual type of switch - a 4PST (four-pole) switch, rather than the common 2PST (two-pole) switch.2: Depending on how the heater is wired internally, a failure *might* cause it to connect the two separate feeds together inside. 

Your internal rate of return will likely be pretty good here even if your cash flow isn't great.

Most syndcations however, and how I setup mine are through an LLC.Partnership and LLC interests are specifically excluded from 1031 Exchange treatment under Section 1031 of the Internal Revenue Code.

@Anthony ParelloI have only ever been with EXP.I think it’s a great choice if you are:super bought into the modelpart of an internal group that is supportive connected with a great mentortech savvycomfortable working remoteSelf sufficientResourcefulNeed flexibility Not a bad idea to join a team if you want to get things going quicker.

Of course you hire someone else to do it eventually, third party or internal.

It is a cool place.Now that I think about it, maybe I should have charged all those college interns I hired over the years instead of paying them. :)