Make sure you have a preventative maintenance fund- roofs don't last forever!

If a neighbor used your house as an excuse to use mismatched colors, then the HOA's logic would dictate that other neighbors will too - they just want to prevent a trend in the neighborhood so that everyone doesn't start putting mismatched doors on their homes. 

Forced air heat is by far the best to have in a rainy locale like the Pacific Northwest, as it helps prevent mold and moisture problems.

Honestly that fear, the one that prevents us from getting cocky is what helps us stay profitable.

I'm not sure seeing the property would have prevented a bad tenant though, that may be more on the PM or just bad luck. 

It's something I've never done so it's probably the hesitation in me that's preventing me from doing it.

lol i thought the reason many sellers like cash buyers is to prevent the showings..

None of the students on my team, which include a law student, architectural student, and urban planning student know how get things off the ground; including researching historical preservation acts that protect the property and air rights which would prevent building up.

When I see a potential flip property that has been on the market for a long time I can't help but wonder what catastrophic defect it has that has prevented someone else from purchasing it.  

They also budget for annual cleanouts and minor rehabs mainly plaster repair and paint.As Steve stated you probably can’t get around the tenancy issue with multiple leases and I would imagine that local law also prevent you from renting them out as individual rooms either but it may be worth looking into.