.—(1) The landlord at all times during the tenancy shall:(a) Comply with the requirements of applicable building, housing, and health codes; or(b) Where there are no applicable building, housing, or health codes, maintain the roofs, windows, doors, floors, steps, porches, exterior walls, foundations, and all other structural components in good repair and capable of resisting normal forces and loads and the plumbing in reasonable working condition.

The mortgage insurance component will also go away once you get to 20% equity.P.S.

I still have some very important components to this team I have yet to meet,  but I plan to do my due diligence and maybe even meet someone here on BP.  

Thanks @Chris Mason would the rate be lower if there was no cashout component?

Get comfortable with all the components, data, and formulas needed. 

Definitely one of the major components. 

The cost of this can vary quite a bit based on a number of factors, but especially if the property has older wooden windows (it can take a while to test all their components). 

There's no mention of the shut off anywhere in the report, all other plumbing components.

I have been in Notes since the middle 80s and will continue.. most real estate transaction have two componants  equity and debt..

An investment with an experienced sponsor can mitigate some risks because you are participating in a larger acquisition than you might be able or willing to do on your own (which gives economies of scale), and you get to leverage the sponsor’s experience, judgement, track record, network and deal flow.But it also adds risks by adding an additional component not present in direct real estate investing:  the investment sponsor.