This could be a great way to mitigate those risks and then progress to a Single Family, then small multi-family & then commercial.Ultimately, starting out with a condo as an investment can be a great way to start your journey as a Real Estate investor.  

I need to know immediately when there is a water or fire event in my home so that I can mitigate the damage as much as possible. 

You also want to ensure there is no pending mitigation or lawsuits against or part to the HOA/association.Another issue with Co-Op boards and condos is in some cases they do not own the land that the building(s) sit on instead it a lease/leased land. 

But there are many ways to mitigate that. 

If the builder is cost plus (instead of a fixed cost) on something with a foundation expense like that it could be dangerous for an owner/buyer. due to the cost running over substantially.

L241: TRACT FUTUREL242: TRACT URBANL322: MITIGATION LANDSL119: IMPROVED SUBURBAN

Manage the debt process as this is, in my opinion, one of the biggest risks that a sponsor needs to mitigate in the deal.In addition, communication is key, so always maintain constant communication with all parties involved from Title folks all the way to your investors! 

Which makes for a dangerous investment.This property has an existing Steel building, which we will rent out, but we have to build around.

You wont be able to evict unless the lease is up or they are month to month. 2) I am not sure of your local laws, but in MN we cannot evict right now unless there are unlawful reasons and they are a danger to others (this at least was the last I heard for our laws). 

However, it might be worth it to attract the right renters if you delay briefly just until you’ve done what you can to hopefully mitigate or eliminate the smoke smell.