When you get into larger (5+ units), mixed use, renovation, vacant buildings, etc. they will need to access commercial policies.  

The statistical likelihood of these problems happening when you have 10 properties is no greater on a per property basis, but you have a larger risk pool.

The property is 1.4 acres and the pond seems to take up about 20% of it, definitely larger than the house.Things to consider / watch out for?

The IRS requires this on any larger capital expenditure so they can avoid large tax losses in early years. 

This can be counterbalanced by the fact that there should be an instant increase in market value of the apartments, although not all would be a windfall since some of this increase would be attributed to the payoff of the underlying mortgage, which of course would result in cash paid for their share by the individual owners or a larger individual mortgage on the condo units.

I would like to start picking up larger tracts of raw land- as long as the property cashflows with 20-30% down the purchase price doesn’t really matter.

I'm looking to learn the ropes and earn some cash for my first deal by bird dogging.

Sadly, she learned of the additional occupants when the property manager was notified by the person who was bitten by the dog.  

I feel the urge to partner with other investors and purchase a larger deal (something like an 8-16 unit) to scale faster.

Now it’s 3-4 units(my area doesn’t really have much larger) that either don’t need a lot of work or I can buy for a huge bargain.