I am also quickly realizing how much time and energy is involved in finding good deals in this market.

No JV is perfect or bullet proof but this one is a decent effort.  

My question for this group is what limits or coverage do you require for the bulleted items below?  

Now that im shifting all my energy from searching and analyzing to renting.

Anyone else struggling to get local banks and appraisers to understand these for new energy efficient designs more less offer them?

Yes, Tutti, you have put sweat, time & energy into this transaction, BUT that is no reason to overpay for a property that doesn't have amazing cash flow.

The notion of all these newbie second lien investors fighting to get payoff balances is a bit silly and largely a waste of time and energy.

Well I think I kind of hit the jackpot...One month into a new rental purchase, I have to bite the bullet for a new roof, a subterranean termite treatment and a drywood termite fumigation.Property has a flat roof, traditional 2 ply asphalt, with multiple patching over the years, I know the roof is near the end of it's life, and may even been living on borrowed time.When we inspected the property there was just so much leaves on the roof, that it was holding up a "mat" of leaves sitting there for years and with the south florida rain and sun, those leaves have turned into compost. 

That comes with education and not all providers of IRA LLC platforms focus much energy on that concept.  

Those are definitely units you'll want to try to bullet proof to lessen the impact of rough tenants and you may have to redefine in your mind what "rent ready" means.Good tenants don't live in rough areas no matter how nice the unit is...That said, there is money to be made... if it's the PM's headache and not yours, financially it might make sense.