But in real estate there are a lot of random variables that happen throughout the process so get prepared to roll with the punches.

Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.

I have an FHA on my rental, and will be rolling my current rehab to a VA loan upon completion of the remodel.

Now that I've got the ball rolling, I want to move into a 2nd market here soon. 

AND… you can roll in your broker fee into the loan amount without affecting your rate, and you can get 6% seller concessions.

Like you mentioned, it may be possible to create an escrow holdback - it's something you'd want to talk about in detail with your lender, but those funds would have to come out of your pocket (or the sellers), and couldn't be rolled into the loan. 

Most people are lemmings and would rather have the false confirmation that their paycheck will always be there; until it isn't.I have many friends and family who rather have a steady paycheck and keep with the status quo then roll the dice.

And your gaining investments at net-0, profits rolling monthly which if net-0 into it that's called infinite returns. 

They have recently had a hard time filling 2 of my units though, and I'm not sure what my current vacancy rate is, but the checks steadily roll in every month, and it's a better return that I'm getting in Denver these days, so still worth it.

Also one allowing you to review the documents (rent roll, P and L, Tax returns, insurance claims history, 3rd party agreements, leases) which allows you to terminate the contract if you are not satisfied.