The good news is that the new HUD guidance issued in January specifically authorizes us to reject online certificates, limited the type of animal to "small, domesticated animal that is traditionally kept in the home for pleasure" (no more ducks or horses or alligators), and specifically limited the tenant to one animal per disability so they can't claim five cats for their anxiety.It's a step in the right direction.

Identify those asset types you feel have the best opportunities for growth and are in-line with your objectives (I personally like domestic cold storage, self storage, last mile distribution, multifamily, senior housing, bio sciences).

For example, my lease says (in part): "Tenant shall be charged for repair of drain blockages or stoppages, unless caused by defective plumbing parts or tree roots invading sewer lines."

Doing some electrical and plumbing upgrades in the next 2 weeks to get it safe and in good working condition.

But sticking it out and learning a hard knock life way I learned everything from plumbing to electrical to dcr to dti to ltv .

Roof, electrical, plumbing, sewage(is it connected or does it need an on site treatment).

Have cash available to pay for needed work (plumbing, refreshing, etc.).

@Zack KepesThe biggest challenges are the unexpected things you uncover when you open up a wall; illegal or dangerous wiring, plumbing, framing, mold etc.  

Any issues with plumbing, electrical, structural or any other major issues will likely have to be remedied prior to closing. 

With the multi family, the cap ex could be high due to heating units or possible plumbing leaks .