For max cash out without restrictions / conditions - 180 days.The main drawbacks would be marginally higher rates (50-75 bps higher), always some kind of prepayment penalty, and because the asset is the primary function of the loan - a non-cash flowing property (maybe lux or bad market) may not qualify.

I am Tracy - a long time listener to the original BP podcast, reader of BP books, and now active member of this robust online community.

Aloha,You "just" need to look at everything to make sure it is 1) complete 2) functional 3) secure 4) exposed surfaces appropriately painted/covered 5) not leaking (the single most critical issue to look for!

Many investors have a subconscious bias that everything functions the way it does in his or her home state.

@Jill F.From a functional standpoint have you ever seen this before?

They do an inspection annually that can help as a forcing function to keep up on a property if you have long term tenants.

Is this my problem or should the landlord be expected to cover costs for fixing/replacing compromised items due to the fact that the problem resulted from apartment not functioning properly?

Quickbooks does not have a good platform for note servicing and accounting, but can be functional if you are accounting for only one or two notes.  

It is stated therein that the use of a functional or equivalency test to classify property (1) as inherently permanent when it is not itself physically attached to the land, or (2) as a structural component when it is not an integral part of (and therefore a permanent part of) a building, is no longer the criteria to be used to classify property.

For instance, I have a spot that had a very weird floorplan when I first bought it (which drove buyers away), but I could see that with some relatively minor work, the floorplan could easily be changed to be much more appealing, and much more functional...the property was turned from a 2 br 1 ba into a 3 br 3 ba, which transformed it from a cashflow negative property to a significant cashflower.With prices so high and deals so hard to find, value add strategies are often the way to go!