In my experience, the biggest reason these loans take a bit longer is due to the time it takes for the borrower to make decisions about what work they will have done.  

As long as you stay away from 'self dealing' that is one of the biggest things to watch out for. 

They have received a city housing violation.  

That's your biggest concern.

However it's not that simple because there are plenty of costs you need to factor in before you figure that 2400 a month income and the biggest one is property taxes, this is the biggest thing that will kill a rental deal (aside from the location of course).

I believe a lot of our investors have success because the rent to value ratio makes sense, our PM is 8% and also our taxes are very low (I'm in Kansas City.)

I now currently reside in Saint Louis City.

I live in the Houston area(Pearland to be specific) but I'm from Texas City and I'm quite familiar with most of Galveston County.If you're interested in this deal of a lifetime, let's meet up and discuss terms.

Your and their expectations rarely match up, and it can cost you more in the end if he/she does a poor job or catches the eye of the city because of a half painted house for weeks.

Each city is seeing a fall in revenue from the taxes from hotels so they are doing everything they can to get that money back.