He may get stuck with rent control laws that prevent him from catching up later. 

That's what I did.I'm not saying don't go for condos, but really do your due diligence on the HOA to make sure they are in decent shape so you don't get hit with bills later on. 

Visiting the property in person is beneficial too, as it helps you understand the flow of the house and assess how well it can be marketed later on.For turnkey properties updated by previous owners who lived there can be a good buy.

They put up the non-refundable $5k and closed 45 days later, we were both happy.

We had two others installed later to divert water from coming downslope into our yard to protect a drain in front of the garage.

Do some demos and make sure you feel very comfortable with the one you ultimately select.If you're unsatisfied, it's a huge hassle to have to transition later when you have multiple properties under management.

I have also reached out to my network of investors and i will hear back from them later this week.

@Kenneth Cheston: 3 years later ... what did you wind up doing about the basement?

And just having thought it out before greatly reduces potential of later hostilities "if". 

It’s best to switch to a more neutral name now to avoid potential issues later.