It requires a thorough understanding of zoning/future use, the municipalities' building codes, soil testing/standards, impact fees and more. 

@Gail WhiteSo getting back to where we're at, late 80's built house, so no asbestos, popcorn ceiling, I would scrape it and expect to find a lousy or nonexistent finish job underneath it.Lay down a 3-mil-or-so plastic sheet in the room if you have reusable canvas down.

It may be better to set up a holding company and then corps underneath with 1 property per person with the others as stakeholders.

Here's a list of what we ask for in our LOIs and contracts:Operating financial statements for the property, including income statements, expense statements, capital expenditures, for the last two years of operation and year-to-date financial statements for 2020.Prior two (2) years tax returns and addendums for the Property.Current tenant leases, tenant correspondence, tenant credit information, tenant security deposit register, and delinquency report.Onsite staff payroll records to include salary, bonuses, payroll taxes, benefits, etc.Monthly owner statements and rent rolls for the past 12 months.Contracts, service agreements, and files pertaining to the property.List of maintenance all maintenance requests (complete and incomplete) for the last two years of operations.Real estate tax billings and assessments and other correspondence pertaining to real estate tax calculations at the property.Copy of Insurance Policy and claims documentation (loss runs).List of capital improvements and any and all necessary related documentation and warranties.All existing warranties and guarantees from architects, contractors, and material and equipment suppliers, all of which would be assigned to Purchase.Any existing environmental Phase I/II reports, engineering reports, soil, mold, radon, asbestos, hazardous substance, termite, or other tests, studies, or reports.Any existing appraisals.Itemized inventory of all personal property.Twelve (12) months of utility, water and sewer bills.Twelve (12) months of bank statements.Verification of additional income from operations including but not limited to application, pet, late, and other fees, etc.Copies of title policies, title reports, land surveys, site plans, deeds, or any architectural plans for the property.History of or pending litigation against the Property, its owners, or its managers related to the Property or the operation thereof.Such additional information, documentation, or access as Purchaser shall require

It is ESPECIALLY important in this townhome that's built on a crawlspace because it has a $15K encapsulation system underneath the building that protects the crawlspace and most importantly pumps water out because it's in a weird almost flood zone type of area... only gets bad when it rains heavy, and boy does it rain heavy here.   

He has a full basement underneath that they have started framing in more apartments but quit before they ever got them finished.

If you get a lender involved (and even if you don't) you should get a couple of things:1) Geo-Tech study - This is for the soil to be stable enough to build on2) Phase 1 Environmental - The person doing this will search title/recorded history for things like buried storage tanks or uses like businesses dealing with hazardous chemicals. 

Due to expansive clay soil, it’s nigh impossible to find a house around here without foundation issues.

I have a project in Golden Hill that has an 8" sewer completely underneath an existing building...we haven't had to move it...yet...but may end up needing to...the devil is in the details. 

Water intrusion into any part of any physical structure on the Property; leaks from or in any appliance, pipe, slab or roof; standing water, drainage, flooding, underground water, moisture, water-related soil settling or slippage, on or affecting the Property?