5) Should I watch out for any unforeseeable outcome?

Meaning Arbitration is typically upheld and more enforceable in court where as if mediation fails you can go to court to try to get a more favorable outcome.  

The definition of true passive investing is this : "regardless of any time you spend on that particular investment, whether it be 5 minutes, 5 hours, 5 days, it has absolutely no influence on the outcome of that investment".  

There's nothing like total immersion to become Baptized as a landlord IF you're willing to tackle the tasks at hand.Here's what you'll need to do in short order:Crash course on landlord/tenant laws in your stateSet up (separate) systems for marketing for target tenants, screening/vetting prospects, easy rent collection, bookkeeping, contractor/handyman management, etc.The three best educational resources I can offer:Fixer Jay Decima, of 'Tenants & Toilets' fame (lower-end), Mike Cantu for mid-range tenant management, and David Tilney for the higher end of the market.

We lend 100% of the appraised value after the repairs are completed.I am totally excited about the prospects of this program.Good luck.

However, looking right across the river, I saw many wonderful prospects in great old St.

What I do is I present my binder to prospective sellers to show them exactly what I will be doing for them from Marketing and paid advetising, etc.....Good luck

A lot depends on carrying costs; in my area very few prospects venture out when there is snow or ice on the ground. 

They now consider that my partner has no cause for a hardship exception and, with the rental cap met, they are not entertaining requests to rent - the rental wait list is about 1 year.We are preparing an appeal to the members of the board since according to the declaration, the decision ultimately rest with them, but we are not optimistic about the prospects of them deciding this in our favor.

If you don't plan to do this you should, again IMHO, be VERY up front with the prospective seller that you have no intention of actually buying the house.