When it comes to the skilled trades (plumbing, HVAC, electrical), I’ve got my bases covered.

(before inspections of dirt work i.e. ground cover inspection, rough plumbing/electrical, framing/structural, HVAC, and so on.

It was bought at asking price, no "as-is" clause, and does have a warranty provided by the seller but I don't think that covers water damage.

As it stands it would be a deal here in NJ market..good luck, and post some pictures if you can.thx,Chris

A condo has an HOA fee that covers it.

As long as it makes sense as an investment property, meaning, I am hitting my personal cash-flow and ROI goals while covering all the expenses you have accounted for in your analysis, then it is a WIN, and I move forward with the deal.

My leases say that the renters has to cover the first $50 in repair costs. 

Somebody is going to have to deal with either fixing it, covering it, or filling it in.If you choose to fill it in, you might have to actually take it out - meaning bust up the walls and haul it to the dump. 

This article may help paint a better picture. http://renolandinc.com/reno-construction-update-ne...There is a lot of construction happening such as renovations to major roadways, including a north to south connector that recently opened and revitalization of downtown areas in both Reno and Sparks.

From a bank standpoint, they will have a clear picture of who owns what and has what degree of liability;  however, all of the investors will have to produce tax returns and documents to the bank to show they are credit worthy.