So, if the attic space was converted to a bedroom without the proper permits (to make it a "legal" bedroom and put the finished sq footage on the tax records) then they won't be able to factor that into their values. 

So as long as I'm maintaining a vacancy rate of less than 5% (at $700/month/unit I think that will be easy), I can't imagine that there will be any concern for defaulting on the loan.

It's easy to come on a site and say you have 10k,30k to invest and have an open discussion about it.

I’m sure deals can be found but the median home price on the Phoenix MLS has just this month surpassed the record set in mid 2000’s just before the recession The easy money has been made.

So cash can be pretty powerful when it's the only way to get a deal done.Also, I like cash transactions because they're soo easy (less paperwork and headaches.)

It can't be as easy as "gimme the keys, get out" is it?

Have the seller obtain the proper certificate of occupancy, or else be prepared to walk from the deal.If you close on it, you will have a single family with an illegal extra apartment. 

Of course they will already have a file on you, so the recheck process is pretty easy and just involves updating new information.

Escape clause is as easy as finding something unexpected that pushes the rehab budget too far.

What are the most important accounting reports to properly manage property and report?