Cons: Appreciates slowly, neighbors on all sides, STRICT rules, fees. 

I would wager that it's an incredibly high probability that it doesn't happen today for anyone except the most inept and incompetent lender in the world that doesn't plan on being in business in six months.

Classic trick of the trade, at least in my area where we're dictated regulated by strict cities, on top of entities like the Coastal Commission.Anyhow, yeah, it may be worth passing on if you aren't ready to dump money into it, good job vetting it out though!

The more strict ones only count 75% of your gross rent but 100% of your expenses (without depreciation).

It would be nice if i could find a broker who is strictly into investing, an investor themselves or specializes in investing.

Because the clientele we want to build is strictly investors, we realized it is much more efficient and easier to just appeal to a certain group of investors (BP is a great place for that) who are already interested in what we do (in our case, our niche is new/pre-construction properties) than picking up random leads we know nothing about.

We are very strict on enforcing our lease rules, and this gives me an opportunity to go over our rules with prospective tenants.  

In the acquisition of a property with an existing lease and clause that states rent can be increased in succeeding lease terms (with proper notice), is this a strict interpretation that rent cannot be increased in the current term of the lease?

You do have to be a little bit careful because there are very strict rules that can void an IRA if you misstep, but overall, I'm a big fan.

Absolutely none, strictly as is where is....you'll find in your auction/contract there are no representations made as to condition whatsoever.