If you've got asbestos in the wallboard compound, all bets are off.

Best bet, for the highest LTV on the acquisition, would be to get a partner that has experience. 

@Khizer Husain Local banks are usually your best bet.

Wealthfront is your best bet.

Many California investors probably made a huge mistake thinking they can increase rent like we do in California and I will bet there is going to be a lot of turnover and the ignorance will just keep recycling because there are millions of ignorant investors who go completely blind by the myths and false theories that they think will make a profit because every other idiot is paying ridiculous prices for rental properties in every and any locale.Just a wild guess?

Luckily, while I don't quite qualify as an accredited investor at this point, I have a great resume with no red flags as a sophisticated investor and am confident I can find the right sponsor and foster that relationship as needed when the right opportunity presents itself. 

I'd be willing to bet that the verbiage of what constitutes a closet might even say something along the lines of "being built of similar materials to the remaining structure" (i.e. drywall, wood studs, etc).

Local and regional banks are your best bet for a project like this.

Nagle I actually never thought of investing in Northern Iowa, and I bet it is beautiful!

@Kera Takacs my standard advice on this is that sooner or later you will have to do an eviction, so your best bet is to contact the attorney you would use for that eviction and pay them to either review your proposed lease or provide you with their recommended lease.Since they are the ones who will have to defend the lease in court, should it ever come to that, I think they're the ideal ones to review or provide the lease in the first place.