So it ultimately comes down to knowing your fiscal discipline level. 

Private insurers came into existence about 20-25-years ago to take some of the pressure/fiscal obligation off of CMHC (and the tax-payer).  

I have a friend who owns a laundromat and he stated that his water bill has nearly tripled over the last few years (I think they are raising prices to pay for the massive project underway to completely re-do the storm drainage system in the whole city.)  

You are young and there is no need for artificial aggressive time deadlines, you will know whento take Massive Action !

TN is seeing a positive net migration rate; perhaps because of the lenient gov. fiscal policy you mentioned. http://www.freedominthe50states.org/overall/tennes...

While the lack of clarity with pet addendum is perhaps not a massive problem, it could be just an indicator of far more serious mistakes made by the property manager.

Ideally, all properties that a wholesaler will buy will be in perfect condition, and at a massive discount.

In markets like Orlando, because of our massive hospitality industry, there are some great buy and hold opportunities.  

Particularly when compared to the option of US Treasuries yielding you zilch, which is the only real competition when it comes to an asset class being able to handle this volume of investment.Secondly, they're massively overpaying only in select markets.

In the end, it matters more what it will cost you to operate than what it cost the Vendor (or what the Vendor recorded as costs).If you have walked the property, you should have a basic idea of the amount of deferred maintenance and can conservatively estimate the upfront make ready/renovation costs.Once you have an Letter of Intent or Purchase Offer in-place, you can bring in a building inspector;l demand tax returns to verify financials, etc {be certain to give yourself a sufficient diligence window}; collect estoppels from the tenants (where you can ask whether rents recently increased if that concerns you), obtain a list of existing service contracts (landscaping, garbage, HVAC, etc.).I have found that as time goes on, we rely less and less on the fiscal information reported by the Vendor - we always ask for it as some properties have unique situations or quirks - and more on our experience in the area.