Our original (budget-conscious) plan was to just replace the flooring and bath (badly outdated), and move the vanity to open up a little more space  (the 'bump' out right by the tub used to contain the water-heater for the house). 

James Kojo[] Previous 24 monthly operating statements [] Current rent-roll [] Tenant Ledgers for past 12 months. [] Copies of all resident lease agreements and applications [] 2 most recent months of all utility bills for common area and currently vacant units. [] Copies of all existing service contracts and agreements. [] construction and other warranties still in effect; [] Insurance loss runs for the previous 5 years [] Most recent survey of the property [] Any environmental reports and description of any environmental remediation. [] all licenses and permits or certificates of occupancy or other documents indicating compliance with any applicable governmental requirements. [] As-built building plans [] Copy of each floor plan. [] Copy of property brochure. [] List of all property phone numbers (including general office line, fax, modem, internet connection, maintenance, security, etc.) [] List of all websites, domain names, social media accounts, or any other means of advertising or marketing associated with the property in whole or in part, whether transferrable or not. [] List of all trade names or intellectual property associated with the Property. [] Staff listing

An Annual Permit: In Monroe County an owner or agent is required to obtain an annual special vacation rental permit from the Planning & Environmental Resources Department for each dwelling unit prior to renting any dwelling unit as a vacation rental unless an exemption to the vacation rental permit has been issued for the property as provided in Section 134-1(b) of the Monroe County Code.Initial Special Vacation Rental Permit Application Fee: $490.This application and fee is for initial applications only, not renewals.Renewal of Special Vacation Rental Application Fee: $100.This application and fee is for renewals only.NOTE: A special vacation rental permit is nontransferable between owners.

Make a conscious effort to be engaged.

Your tenant has consciously decided it is not important to him if you get paid on time.Again, be nice and give him a pass this time, but get your tenant trained early or this will continue.

Thanks @Owen SchwaegerleGreatly appreciate the reply, as this is a multifamily couldn't I get a break on survey, environmental report, possibly transfer same insurance into place etc...Is it even possible to negotiate a loan assumption or am I stretching? 

For some mixed use properties, you need to get an environmental report, similar to the standard that is used when you buy a commercial property. 

Seller is insisting on cash purchase as bank will not finance due to environmental concerns.Is this property worth further investigation or should I not even touch a potential contaminated site with a 10 ft pole?

It is a good description along with the two links at the bottom of the page:http://www.ontariotaxsales.ca/how-to-buy/what-is-a...What this does not seem to make clear is how to KNOW what you are buying instead of HOPING that you aren't buying an environmental disaster that bankrupts you or some Crown lein that halts your business for years of repayment.

What are some strategies I could use to protect my investments not only from legal and environmental events but from market fluctuation and retracements?