Is that common?

However, buying $35K rental properties in cities like Buffalo or Dayton or Scranton or Barstow is fraught with potential pitfalls.

Rehabbing properties can be expensive and full of pitfalls.

@Joe Gore it is common to have a due dillegence period after the contract is written on commercial deals.

Just set the values as customary, the best argument is the % of sale price in it's as is condition, then adding improvements made to the building side as described.Now, had we considered Pat's suggestion prior to the purchase, may be something could have been done that better suited the situation, but not with related members are probably not with a few residential units as that isn't common.

See also "The 150+ Most Common Repairs You'll Encounter" in the best source I know of at http://get.biggerpockets.com/flippingbook/ (and the free companion book The Book on Estimating Rehab Costs)

Most of that additional 4-pages contains items that a) our insurer insists we make clear to the tenant or b) the Rentalsman has decided are behaviours that, while most would consider common sense, we should not expect to occur to the tenant without explicit instruction {like, don't turn the heat off in the middle of winter when you go home for Xmas vacation}.

I know @Marc Ramsay has run into similar issues on a property in Ohio and might have a strategy for deterring thieves.Is this a common issue in Charlotte?

(joint, tenants in common, etc)Is the partner on the mortgage to the property?

It will help with getting some of the commonly used terminology (ie.