What happens if they disappear one day, stop paying, or worse try and get you to pay to give back your own content. 

Dallas, ehhh, it was super hot about 3-4 years ago, but since then prices have gone up higher than they were before the 2009 crash, returns have gone much more minimal (dittoing what has already been stated about property taxes and such there as being a major impact), and the appreciation wave has really disappeared. 

This way, the approved applicant knows the exact risk they are taking by not giving a deposit to hold the apartment right away.The first applicant could disappear for all you know.  

What a pain... yeah I hate seeing a useless dish sticking from my roof..

There would be less costs, less pain and more efficiency keeping this one by refinancing out your partners and bank, possibly even getting some cash out for your next purchase because of your 50%ish LTV.Maybe the same partners and bank would want to do another one with you?  

Hi BP communityI'm currently a real estate investor from Wisconsin and I am moving to Easton, PA in the summer of 2017.

Either way, I would be hiring a plumber to get a second opinion before purchasing as I know plumbing can be a real pain.

I am not exactly sure if there is a specific code violation lead type to target but in my own personal experience dealing with a stop work order or any building code violation can be a huge pain.

I understand the premise behind them but pain when it comes to making a profit. 

I'm an hvac contractor, we are about the same age, so I feel your pain -- literally.