It is being fully understood that except as specifically set forth herein, Grantor has made no warranties, express or implied pertaining to said property, the condition thereof including but not limited to, matters relating to environmental conditions or hazards on the property"Then later on its says " We are the sole owners of the premises and have good right and title to convey the same in manner aforesaid, and that they are free from every encumbrance, except as aforesaid and WE hereby Warrant and Defend the same against all lawful claims....."

I have a code enforcement inspection each year and the biggest issue is usually smoke detectors and any other safety violations.

My theory is to follow Warren Buffet, who preaches to make money when you buy the asset, have the financial wherewithal to hold on to it forever if you could and always keep a margin of safety.

https://www.cpsc.gov/safety-education/safety-guide...

You need to ask your CPA to give you a definitive answer to your questions based on your unique facts and circumstances.Other related issues you should also consider ... your hazard insurance  policy and your title insurance policy. 

And I agree that real estate can be a flight to safety when there is concern over elevated prices in all asset classes (#10 above).

Seattle instituted a law that required landlords to take the first applicant even if a felon or pedophile regardless of your concerns for the safety of you or others.

The dpt of building of safety and the myriad agencies involved in city planning and construction in los angeles are highly corrupted.

Your safety is your ability to change how you operate your STR.

Then we finally evicted her when the hoarding became a serious fire hazard.