Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Again, thank you for your help as I don't want to steer her wrong.

Boy was I wrong.

Nothing wrong with dwelling on the silver lining or being positive but thats not my style. 

On the other hand, I have a feeling that something may go wrong.

Is this just the case of the agent labeling it the wrong class or is the cap rate off?

WRONG.

Then they tell me that they could do it in commercial if they wanted to but haven't tried (and thats where the heated discussion takes place because everyone keeps saying that its possible in theory but nobody is doing it successfully) I feel like I'm missing something.I dont mean to sound like a pessimist or a jerk, I actually want to be proven wrong which is why I'm posting this.

A bank wouldn't reject you in 10 years unless something is wrong with the property or your credit.

We were wrong and though I did not sit on the sidelines (thank goodness), anyone who did missed on on 4 more years of growth in the market in just about every location in the US.