It enabled me to rule out many properties.

If one does, it will be the exception, not the rule....Not totally true, as one marketing tactic for listing agents is to canvass FSBO signs to try to get the listing!

We're now looking for a SFR (to hold) but wouldn't rule out another condo if the cashflow is there.

While I invest in multi families I have developed a certain style of 2 family or even mother daughter single family that I find works really well...I Strongly prefer the 2 family that has a bigger apt on first fl.

I'd say before you begin buying notes you need a great understanding of applicable rules and regulations.

In Wisconsin, if there is no written lease, the statutes rule the rental world, and they cover quite a bit of standard stuff.

I called my insurance agent and he told me that they don't care about permits.the insurance agent/ broker is a middleman who moves paperwork between his client and underwriter/adjuster/main office etc. they might speculate but would not know that for sure until the ruling comes from the main office. once your place burns out the fire department will determine the cause. then the ball starts rolling ..was the job permitted ?

Actually, it would still be a comp if similar in size and bedrooms and baths and style.

Looking at some of the other people posting from large metro areas, I see now why the 2% rule is so tough in Omaha... our rents are crazy cheap as housing is so affordable.

I don't think you assume any liability for having alchohol in the house, but they can still get in trouble for it - depending on the rules.