My concern was how would this work if and when the market changes.

or should we hold our own investor meeting via Zoom or FB messenger just to be able to talk about our concerns at least?

My only concern are the MLS regulations.

I am concerned the appraisal will come back low due to past small unit appraisals. 

If crime is the biggest concern many cities have crime maps available but that wouldn't help you compare cities https://www.minneapolismn.gov/... 

I am interested in feedback concerning legal aspects, insurance aspects, financial aspects, and anything else one might happen to have, and any idea for how to use the unpermitted work as a negotiating point on price.  

I am originally from the states and not sure if it's worth buying a property here (I am concerned about labor costs for maintenance) or should I do a house flip since there are some opportunities in Alberta (Calgary primarily).  

Also consider what your tenant base wants - some neighborhoods want high-end finishes, where others are only concerned with space and layout, and others need a combination of the 2.

I'd ask them which underwriting guidelines you didn't meet so you can see if it's a serious concern or if it's something you can address (you don't want that happening again!) 

My biggest concern would be their expectations of the state of the home.