I like the idea of a known quantity property (no surprises from previous owner non-disclosures) and I know this location is going to get more and more valuable.

And of course, cost overruns due to unexpected problems that need additional fixing.

George Dean I find it surprising how many on here say they tried Adwords "and it didn't work" which is like saying they hired a contractor and hammers don't work.

   @Jay HinrichsI am surprised to hear you say that there is no skill to buying renting and managing rental property.

If I may ask a question for clarification- having no inspection contingency does not mean that you can't walk away from the deal if you find a major surprise during the walk through, it only means that you forfeit your deposit if you do so, correct?

I'm surprised your insurance agent would even insure it with a pool being a rental, but I could be wrong.

Also, I have made a number of unexpected commissions by representing friends and family in real estate.I DO NOT take the duties of an agent lightly, though.  

If your value is the same or close to the same as cost to build, it's not worth pursing unless you want the experience and have cash for unexpected expense.  

Clayton Plank I have enough to pay off a house in full and still have a nice amount for unexpected expenses.

Its one way to mitigate unexpected issues in the future.