. :) , and so I think I should update you guys on what is happening, and for future reference if any of you or your fellows might encounter the same thing. 

Where it can go off the rails is when you encounter advanced problems you have little experience with such as structural or foundation issues. 

@Colin Wood - firstly, let me also extend my welcome to the real estate investment community in the Puget Sound region.Secondly, I would prepare yourself for some sticker shock when looking at Seattle multifamily properties.

Many times mistakes turn out to be learning encounters that's beneficial in the long run. 

@John GillickHi John,I do something quite similar with what you do.One exception is that I form partnerships with other Investors and seek out one of those Partners that is willing to live in the new building for at least 2 years when we buy a new Property.By having an owner live at the building for a short while, it helps us work out the problems that occur with a new Investment which is generally an older building built 50 to 100 years ago as most buildings in the area where we buy are around that age.We generally don't trust prior owners to have taken care of the building so that we don't have problems and know that the 1st two years is when we wind up encountering them (such as water leaks, bad plumbing, heating issues, etc).Our tenants genuinely appreciate the quick service we give them and it helps us because small problems don't get bigger and costlier.

It's no different from any unexpected expense any property owner may encounter. 

I work side by side with my guys and I wanted to share a few photos of the properties we encounter.

Ultimately, it's their house and you could encounter a lot of conflicts when it comes to demo, stylistic choices, etc.

Have you encountered that any with the Chinese importers?

But that wasn't even my first encounter with real estate implosion due to overleveraging.