Seth Mosley Ned Carey hit the nail on the head!

Kristen , not very long , it was a matter of some paper work with the city some makeshift plans letting them know what was going on paying the normal fees then calling for an inspection . around seven or eight weeks . they wanted to see foundation bolting , electrical , some nailing , insulation and to see some footings. also maybe find a contrctor to help as i had done two room additions the year before so they new my face at the city.

Above grade, stainless fasteners, silicon bronze fasteners, copper fasteners, hot dipped galvanized nails or hot tumbled galvanized nails can be used above grade.

$228,000 GOI Annual - 40% (quick estimate of Vacancy, Repairs, Taxes, Insurance) = $136,800 (rough estimate of NOI)$136,800/$1,600,000 = 8.5% Cap8.5 Cap on low income housing doesn't sound that appealing to me personally, but, I would get the income/expenses and see how negotiable the seller is. :)

They want a balance.Brian & Rob - You nailed it with the responses of looking for risk management.

Garbage disposal broken because they dropped a nail down the drain?

We did mention a 7 year cap on the property. 

If they give me a shaky answer, I'm just going to exit the deal, curse a bit, then have a good cry at the nail salon. 

Dave, I think you hit the nail on the head.

That said, the title of this thread nails it.