Here are some additional things to check for from an Insurance perspective:- Knob & Tube or Aluminum wiring- Asbestos tile, siding or wrapping on pipes- Lead paint (if the building was built prior to 1980 you may need a Lead Safe certification)- flat roof- tenants with pets (find out breed of dogs)- cracked or damaged driveways or walkways- Stairs with out handrails- trees over hanging the property- in ground tanks (active or inactive)- two means of egress from all units- if smoke, CO, fire detectors are hardwired or batterySome of these will cause insurance companies not to write the coverage while others may turn up as recommendations that you will have to fix.   

If I was doing my first rehab (which of course would come with cost overruns, mishaps etc) while the market/economy was tanking....haha ya that wouldn't be good.On the other hand, some people do deals in good markets and bad.

When the market tanks use it to buy as much as you can when it starts getting better again so you can buy low while having cash on hand from the heloc in the event you need it to pay bills for the current property in the event of a downturn in the economy/market.

They claim that when it gets cold the shark bite fasteners could "loosen" causing the pex to leak.  

If you know what those are whether they're a matter of time or money, please share.From the cabin-on-site perspective, I still need to run a water line to the city meter, I have to get solar and a septic tank.

The Hot Water tanks (While still functioning) were at least 8 years old and I anticipated a replacement on those right away.

In addition the seller has given you the buyer a deed and if you don't perform they are generally SOL as you walk and their house gets foreclosed by bank because they don't have the means to cure. and now they have a full blown foreclosure on their record.There is a ton of abuse in this model with under capitalized sharks talking unsophisticated sellers into this scheme...

A background on my first purchase made nearly 6 months ago.Purchase Price: $208,000 (5% down w/ $8,000 credit - First Time Home Grant) Unit 1 (Rented) : $1,250Unit 2 (My unit, Projected income) : $900Projected (monthly) Income: $2150Mortgage/Taxes/Insurance: -$1415 / monthWater/sewer/user fees: -$60 / monthElectric / Gas = By tenantsRepairs: -$170 / monthFix repairs (Furnaces/Roof/Water Tanks): -$50 / monthLess Vacancy: -$215 / monthTotal Monthly income = $2150 - 1910 = $240Cash on Cash return (Money out of pocket at closing: $10,500) = (240*12) / (10,000) =  27.4% / YearThe icing on top: Both roofs for the garage and home are brand new, and the home inspection came through clean.

Sharks in the room- We have a friend that runs a fairly large real estate business in Florida.  

Here is an interesting article.https://www.biggerpockets.com/forums/48/topics/356...But isn't it better to be less leveraged if the RE market is tanking?