There should be no surprises, you're not a lay person.

I no longer allow pets (actually because of a Husky), and was surprised how much damage a Husky could do. 

It's very cyclical obviously, and Sherwin Williams would have a better pulse than most, so I would not be surprised if it shifts as grey as been de rigueur for a few years now. 

We incorrectly determined the after repair value, Interest rates quickly increased, and used a fix and flip line of credit with unexpected costs and regulations.

We saw a significant increase to listing prices since Nov '20 (not surprising as this is similar in the rest of CA).We thought we landed on a gem b/c this property had fallen out of escrow due to last buyer's inability to close the loan. 

If you are financing this I would be surprised if the bank would go ahead without it.

Failure of the Board to meet their fiduciary duty by properly funding all reserves and responsibly budgeting for all routine operating expenses will lead to unexpected increases in your monthly fees, and poor quality of maintenance and repairs which will affect the entire project.

"Quite a bit of work" can mean considerable renovation budgets, plus potentially large, expensive, unexpected items that come up in the construction process.Half of a duplex is also an odd situation, but that may be more Canadian than US real estate.It's really a matter of risk vs potential reward.

And keep rolling that 'snowball of knowledge' over time -- and you'll be surprised how much knowledge, and experience through action, you accumulate along the way.   

You might be surprised to see what I found out as I ran the numbers.