Never, and I have done photos and progress inspections for clients so that the contractors can get an incremental payment.

There is a lot happening right now for job growth and construction, and a rapidly growing demand for housing between 40 down to just south of 44 in particular.  

Auction proceeded with 4 interested bidding parties, during which lawyer would say repeatedly "going once, going twice" before a bidder would offer a higher price.Reaching 300k, the auction slowed with only myself and a lady counter bidding at small increments.

I'd caution about rapid growth.

These deliveries will add inventory to the market that doesn’t have pre-arranged absorption, thus creating incremental risk of downward pressure on rent growth that could result from increased competition to fill leases.

We are in a rapidly appreciating market in Chicago, and sold comps from even six months ago are no longer that helpful in pricing out a property!

These areas are now starting to undergo rapid development and remodeling. 

Things can also change rapidly with STR so make sure wherever you go you have a secondary/exit strategy in case you lose the ability to short term rent it.

Cinderblock foundations break down much more rapidly than a poured foundation.

I'm looking for gut reactions (rapid fire) from those who have been in the business long enough to see a few of these types of cycles.