@Jacob BassettFull disclosure I'm still very new to investing but I'm an information Junkie and very detail and process oriented.

Disclosure: I am not an attorney and recommend you speak to one.

I have gotten financing on a duplex that was going to owner occupied and had 2 active tenants.you just have to move in, I seem to recall within 30 days, but I haven't ever had anyone ever check in to see if we had moved in.Now for full disclosure, every time we have done an owner occupied loan, we have planned on and eventually moved in, and I would not commit fraud by taking out an owner occupied loan and never move in. 

https://www.biggerpockets.com/blog/2016/07/03/subject-to-real-estate/ Power of Attorney, Disclosures, Statements, Payoffs, Title report, HUD-1, closing in escrow and on and on.

There's a whole list of ways lenders itemize this cost on the closing disclosure, underwriting fee, origination fee, processing fee, application fee, etc.

Full Disclosure: I am a seed investor in REMINE.

To give you an idea of popular lender criteria, check out https://www.11capitalfinance.com/Click on "Product Sheet" and see all of the different options just on this sell sheet to understand where lenders are in the market today rather than 2008.DISCLOSURE: I am currently evaluating a sales relationship with this company.

But, if they chose not to disclosure any material facts that can impact the price, you assume that the property is free and clear of any issues.

Yes being an agent and investor is definitely tough to comply with all the disclosures and clearing things through your broker.

I actually lol every single time I read this under experienceRegardless, the IRR is dependent on many factors including: purchase price, exit price (this factor is the biggest contributor to IRR), rent growth strength, ability to re-position, debt terms - LTV, rate, term, IO years, amortization yearsArticles you might find useful:The Inside Track to Vetting A Multifamily Deal SponsorDeal Screening Checklist for Passive Multifamily InvestorsFocus on developing relationships with the right syndicators (full disclosure: I am one) with the right background/experience working with the right teams.