It is for a 3BD (including master suite overlooking a lake), 3Bath, nice neighborhood.I'm trying to figure out the wear and tear I can expect from different prospective clients like:- Teenagers- Children- Boys vs. girls- Old vs. young- Extended family (e.g. grandma, mom, daughter in the house)- Other?

I'm currently living in a home and plan on tearing down and rebuilding. 

How can I tell if it's a tear down?

However, what I’m gathering is that what makes it beneficial is that your expenses decrease by having less wear and tear?  

You also have four individuals which increases the number of cars on the property, more visitors, higher likelihood of partying, more inter-personal relationship problems, more wear-and-tear, etc. 

Plus, you have some built in protection as most established cities are tearing down industrial to put up housing so I think it's harder and hard to come by these types of properties.  

This is a blood, sweat, tears, and toil kind of thing to learn how to profitably renovate an old MF building with tons of deferred maintenance issues and turn it into a tight little ship that puts a lot of money in your pocket.

Of course you are not going to eliminate any of these restrictions before closing because they run with the land.Let's say you are buying a property and your plan is to tear down the existing home and build a mansion.

It's my first foray into Section 8 and you hear the stories about tenants tearing out the walls... 

I'm not sure if I will recoup the cost of this fraud; however, I won't allow this to tear down my dreams!