Seems a very large Buyer oversight or perhaps delay tactic because of anticipated financing difficulties or fear of losing $.  

You should be able to figure out the anticipated rents on a rehabbed property at the time you are considering buying it.

Asset protection isn’t designed to protect you against things you can anticipate, it’s to protect the rest of your assets against the things you can’t anticipate.

The default rate has been MUCH lower than anyone anticipated so far. 

Add laundry equipment.If rented to students then anticipate summer months are vacant.

I was wondering if anyone has experience with obtaining a professional property appraisal during a renovation to see if the after repair value per unit is what you anticipate it to be and then using the appraisal value (in this case on the first 2 units) to steer the level of renovation on the subsequent units. 

The biggest issues I have seen are when one partner gets stuck doing all the work, or perceives that they are, but are not compensated for the work, i.e. you put in 1/5 equity, you manage the property day to day, but only get 1/4 of the cash flow, while the other partners don't do anything other collect 1/5 of the cash flow, each, as well.But longer term, it is also good to know what your partners anticipated hold time is, are they going to want to refi out equity later into the deal, or do they want to pay down the mortgage long term.And lastly, I would also go into this first deal expecting to lose these friends.  

I would at least anticipate the tax assessor to catch up at some point, so the tax bill may go up drastically.

The next investment property I purchase will likely be in one of those "further out" cities because of the anticipated appreciation in those areas, but not so much for the cash on cash return.

Larger homes take longer than anticipated.