Few assumptions are made, and if this doesn't ring a bell,  think 2007-2008 housing crash.  

NoThis post is old and the OP probably moved on, but for the record, you may have the same zoning code than a building few blocks away, but the property may be subject to additional zonings, city ordinances, and agencies constraints that differ from the other one, and the code changes over time.You do not need schematic designs but a title analysis for potential easements, code and zoning analysis and a detailled financial feasibility study.Let me give you a couple of simple examples(based on my own experience) illustrating why this assumption is dangerous.In Los Angeles like in many other cities, you have houses and buildings built as early as 1910s -1920s Let's say you plan to demo a crumbling apartment building and plan to build a new one; let's pretend the zoning allows it, the setbacks are good, the floor area ratio is ok, you do not have insanely expensive lead paint or asbestos abatement and disposal to do; everything looks good and you go ahead with the demolition.

First question , how long has the tenant been in place.Your vetting process will depend entirely on how long he has been there and what is his tenant history.Not sure what your idea of a normal vetting process is, never make assumptions.

He just says you "might need to make some assumptions.""

I assumed there was no need...let me know if that's a bad ASSumption!

And of course, the assumption is that the company you're buying from did a great job w/ the initial rehab so that won't be an issue for you, the new turnkey owner.  

Well, assumption here is based on a friend who worked in a large title office here in the area.

My freind was able to get a seller contacting him on a property with high equity and in a nice area. The house is in probate and my friend was going to try assuming the loan on the property. Is this possible with a pr...

Am i correct in my assumption?

I'm not sure if it's a good idea to buy a property with the potential of making income on it..Would you buy a property based on the assumption that you can break even and make some money after you force appreciation?