These areas are not in the City limits but the City that plans on expanding to that area does have a certain amount of control over what is allowed to be built as most have a future zoning map in place. 

I agree on including a bigger budget for some expenses we can't control along with keeping reserves during the rehab.

This would decrease gas bill.We could also add more insulation and possibly put in Honeywell app. controlled thermostats.Next, the lakefront unit will now be unoccupied d/t the owner is living here.

If this is M2M then you are in control. 

Then you can find a handyman to do the work and be in control of it.

You need to spend time on damage control.

., more than half of the calendar year) for the Borrower's personal use and enjoymentThe Borrower may rent the property on a short-term basis provided that the property is not subject to any rental pools or agreements that require the Borrower to rent the property, give a management company or entity control over the occupancy of the property or involve revenue sharing between any owners and the developer or another partyYou were right @John Transue and @Keyla Rosario and @Brent Huling I only need to occupy it part time, and can rent it out with no penalty of fraud. 

The accountant was also telling us about Delaware Statutory Trusts. 

Real estate is subject to annual property taxes - you have to pay property taxes every single year, and you have no control over the tax rates!

i would say if you were GP on this hypothetical deal, then go ahead and do it. you could do a few more deals after this one and pay off the loan faster. if you are simply a LP, its risky since you have no control on how the deal goes. i did a similar strategy with buying a duplex but i have full control of the asset and how it is run. if you are going to be passive i would try the solo 401K route.