there is a reserve to be held for repairs, in our case between $250-500... i have 1 company that doesn't take pictures during the walk thru, but instead, has a check list they use....  

I order a Municipal Lien Certificate from the city (confirms if taxes are outstanding as well as water, betterments etc) I used to do the title exam myself but the national title company want a third party because they would also have malpractice if anything is missed) I review what they send me and make a judgment as to the marketability of the title or if there are any other issue so the mortgage company is in first place (so I would order pay offs of any current mortgages or judgment liens, etc)Most of the registry of deeds info is available on line so I can double check or do a preliminary search (or anyone can search for that matter) As for getting copies on line, you usually need to be registered and have an account because they do charge by the copy.

Cost Assumptions Purchase Price $285,000.00 Closing Costs at 4% $11,400.00 Total Cost $296,400.00 Mortgage at 30yr/5% Interest /20% down $1,223.95 Monthly Expenses Monthly Rent $4,500.00 Electric $250.00 Water $200.00 Trash $100.00 Vacany Rate 8% $360.00 Maintenance 8% $360.00 Property Manager 10% $450.00 Insurance $300.00 Monthly Property Taxes Due $121.97 Cap Ex Reserve 7% $315.00 Total Monthly Expenses $2,456.97 Less Mortgage Payment $1,223.95 Theoretical Cash Flow $819.08 Cap Rate Cash On Cash 8.6 14.37

When it is NNN the tenants pay almost all costs.Minimal reserves per sq ft are usually set aside such as .15 to .25 per sq ft.Down payment is 25 to 30%.

My wife is pretty reserved so one of her friends brought up the duplex we are currently working on.

I keep adequate cash reserves and really try to have my renters pay down much of the debt.

I have the same reservations you do.

Before any construction may begin, an engineer suitable to the Township shall provide geo-technical engineering and reports to confirm the adequacy of this building lot for construction."

I thought that was fair - he is also going to look into getting a line of credit to throw a little cash into the deal or keep it as a reserve so he has some skin in the game.  

You basically confirmed the doubts that I already had for the area.