If your equity partners are equity only and not part of the GP team, be sure to get your legal documents written by an SEC attorney to stay out of hot water with the SEC, in case anything should go wrong. 

The area I’m looking at is by the water and crabbing/seafood is the main industry, not really near major cities.

I would not want to be stuck in a FHA loan that is under water due to current inflated home prices. 

Back taxes & water bills?

When you say oil heat, is this a hot water system/boiler?

How can I find out the home owner  insurance information for a neighbor if a neighbor failed to maintained his property and caused water damage to a neighboring property? 

Everything in the home is fully upgraded with the past 4 years (plumbing, electrical, roof, foundation waterproofing/draining, new municipal sewer and water connection, etc.)We could expect about $5,000 yearly residual initially until paid off and then we could expect rent of around $825 and rising from that point forward.

Make sure the roof overhangs the eves by 10-12" so water runs off onto the ground and not down the side of the home.  

Does anyone else worry about water in places like Vegas?

Modern plumbing and electrical, brick exterior, water drains away from house, no large trees near house, etc- No one will look after your property as well as you want them to.