How important is a flood certificate?

@Sandy Uhlmann I have purchased liens/certificates on condo parking lots in the past and mine did redeem before auction.

First thing you need to do is get your COE ( certificate of eligibility).

If he has employees working on the project I would ask for a copy of his worker's comp certificate because if someone gets hurt on the job without him having that they can come after you too.

If you are not planning on any substantial changes, I'd start with the city's building dept. to see what is needed for certificates of occupancy for any on the spaces that do not have a current C.O.

On the expences you can figure it out, with the rents you should get, and don't ask the seller, you do a tenant estoppel certificate, then you will know verified by the renters as to rent and any deposits that they may claim later.

As far as other rental suitability hurdles go, the property is a new construction and would not need lead paint certification. 

How many investors vs owner/occupants in the building....that's on your resale certificate I expect. 

The inspector will tell me what he wants done to grant a new occupancy certificate.

I have researched tax certificates and tax deed auctions and have found plenty of vacant homes too.