My only tip would be to really do the education bit in the beginning so you know exactly what you are getting into--what time requirements, effort requirements, risk, skills requirement, etc.

I also agree that when I have bought off market, run down buildings I take on that risk based on the prior landlord.

If he's gone dark/hasn't been communicating, I'd say the biggest risk is that if he's a contractor, there are no wages to garnish. 

Rents have soared and so have prices.I think during the period 2011, it was tough times in Atlanta, unemployment rate was high and clearly higher risk proposition in this market.

Know where your business model is exposed and make plans to mitigate that risk if something should happen. 

Most of it depends on the size of the project and the risk involved, which would on a project by project basis.

Considered: Minneapolis, Los Angeles, Las Vegas, Denver, Chicago, Kansas CityInvestments: Arguably the most "under construction" part of my plan, your insights are welcome and encouraged.2BR, 2+BA Condos with roommates - Lower values lower barriers to entry theoretically, but internet skimming of this investment implies that HOA assessments are an ROI risk to be likened to underestimated capex.

No construction lender is going to be willing to risk not being completely taken out.

However, I made the argument to listing agent that they should want to spend the money at the very least to simply drain the basement water out since it's still an asset that is slowly deteriorating and losing value every day that the water sits there and investors/buyers will not want to take a risk on a property with a question mark like that.

From a legal standpoint, you need to consider the risk of the asset.