Why let someone occupy a $ 100k++ asset with a bare bones agreeement that covers none of the edge conditions that come up once in a blue moon that a good agreement anticipates and deals with. 

The best projects I can find I will barely break even (in terms of cash flow) until years 3-5.

When you account for current housing such as Sol y Luna, the HUB, the District on 5th, the Cadence, INDI, Campus Crossings, and a plethora of others you are looking at a large and growing supply.

@Ahmed Elias this doesn’t meet the 1 percent rule which is the bare minimum for me (should be higher), so I’d pass on this all day long.

Bonus question:  If I do the bare minimum to get the property habitable and list it for rent, will that technically count as "putting it into service" so that I can then do some additional "qualified improvement property/personal property?" 

You can barely get a single-family home for that anymore, and you would have to hunt for a long time to come up with a dumpy duplex.

Both A and B are true, right?

That 3,700 reading does sound very high when compared to "The EPA’s standard for lead in bare soil in play areas is 400 ppm by weight and 1200 ppm for non-play areas [EPA 2000a]" per the CDC.

That's the bare bones, add more detail as you see necessary.

They won't cash flow or will barely break even though.