But he recognizes that even that has risks (e.g. the company may not be around to pay out).

You recognize issues and opportunities only a local would be able to identify, you can swing by on your way home to chat with the contractor or keep an eye on a new tenant.

We actually love the charm of the older houses, and recognize that's a little bit of a different market than those looking to rent new built apartments.

By understanding and recognizing these pitfalls, you'll be better equipped to make informed and strategic investment choices, ultimately improving your chances of success in the market.Budgeting Blunders: Learn to understand the crucial importance of accurate budgeting and gain valuable insights into how to avoid common budgeting mistakes during the rehab process.

An LLP was necessary to avoid double taxation because LLCs are not recognized in Canada (unfortunate as they are a fantastic structure for Americans).

Bigger question is how will you recognize a good deal from a mediocre deal from a bad deal when you do find it?  

I recognize that she's really the authority on what her family can and cannot handle in terms of dust and maybe they really are super sensitive to drywall dust and other dust that the job will require. 

All depends on Neighborhood as we are a City of Neighborhoods in Philadelphia.Meaning price point owner occupancy % varies by neighborhood.This includes finishes, additions & etc.First look at the recognized CDC's on pacdc.org.

If you have a 12 month lease with 4 possible 12 month extensions as a buyer, and a separate option with a locked in option price, you should have a reasonably good deal for yourself.If you put 5% down, make it out to a title company and call it "option money for lease option agreement dated "If you cut a check to the investor, and then want a mortgage orginator to recognize the option money as a deposit, the option money may not be recognized. 

Joe, I generally agree with your position, but you should also recognize that alternate circumstances exist and other folks valid arguments.