The 1% or 2% rule is a quick way to judge a cash flowing asset but you need to fully evaluate and underwrite multifamily properties.

Found a deal 4. worked with contractors/agents/evaluators/legal to get the property all set up 5.closed the deal Is there any such foreign investor that can share with the new REI's from outside of the US how he had done so and what would he /she would have done differently if they would have to do it all over again? 

@Eduardo KrajewskiI don't know that there is an attorney that evaluates properties.

Trying to figure out the total savings as we evaluate the ROI of this project.

So...if you are thinking no pets, you may want to re-evaluate your position.   

I agree with having a licensed electrician evaluate this for a CYA. 

I really can’t believe that these issues will cost me $200k and 6months to 1year (as per the very expensive contractor I asked to evaluate it.

Not to downplay the importance of geography, but it tends not to be the primary indicator when evaluating a development deal.  

You need to be able to do your due diligence in inspecting and evaluating the property. 

Just keep this in mind when evaluating deals.