-Extensive rehab and rough neighborhood.Unless you have a strong team with experience on this type of property, you could be taking on more than you realize.

Jason is right on but just to add, how you conduct the business will determine your liability as well, doing something stupid will likely be covered, grossly negligent might get you hung, especially with other members of the LLC.

This changed the market and neighborhood demographics big time making an extensive knowledge of each area your potentially going to invest in a necessity.

This audit report costs the employer around $10k+ to have conducted, annually.

There are still quite a few properties available, but they may require extensive rehab or may have mold issues.

A lot of damage can be done by a space heater or extension cords from the neighbors house.If the water gets shut off by the city, I would not expect it to damage anything, but you will want to ensure someone is home when the water is turned back on.

Does anyone have extensive experience with building permits?

It should require a written notice of intent to exercise the option as well as an extension provision.

It's better if the business model matches the traffic flow for the time of the day.Are these business that need a bunch of foot traffic to be healthy OR is most of their business conducted through shipping??

It's never right to be dishonest, but because there are so many dishonest people out there conducting business you have to find a way to not attract them.