A surprise with permits/zoning can be very costly if/when you make (unknowingly) uninformed decisions.

I should confess that i didn't like that house, but i had to buy it to settle.I have even spent 25k on it for rehab, but still didn't like the building nor the neighborhood.Fast forward, i have broken up with my gf and haven't used the house for years, or event visited it.last summer, i thought of selling it, and i was surprised that i could easily sell it at 127k with 27k net profit.Why Am I sharing this now?

I'm surprised no one has responded to your first post.

As a property manager, landlord, investor and agent in Texas, you will not be surprised that I disagree with the 'gloom and doom' tone of certain comments. 

I have this listing saved so I can go back and see if it actually sold, but seeing the listing history of it being marketed and pulled I would not be surprised to see this sit without a buyer and then get taken off the market again.

You have to really analyze where the project could go bad and have contingencies in place in case you run up against them - i.e. the house doesn't sell, you have unexpected costs during projects, what the SOW of the project will entail, what your marketing costs are (his wife as an agent will help minimize these costs), what if something unforeseen happens and you cant finish project, whos name the house will be under, and that might determine who will be able to pull permits if needed, etc.Anyway, you should spend A LOT of time going over "what ifs" and sit down with your attorney and pound out these details.

I wouldn't be surprised if one of them reaches out to you here, but you could also post in the Nashville TN forum on BP.  

I am totally for raising rent some, just was surprised that it seems to be so commonplace from everything I read here.

Lots of factors, any family or friends to help in emergencies,, how flexible is your current job if you had someone you needed to meet can you leave work for hour or 3.. with short notice...some issues can wait others can't, usually things go well but be prepared for the unexpected. 

I have my eye on a property and I don't want to get hit with any unexpected costs because of failed due diligence.