Beyond these, it will depend on property location: you'll need to handle snow for vacant properties &  multifamilies, pools if properties have them, pest treatments in the south, etc.

.#3  You may want them to go do a quick visual inspection of the house before you make your offer....they may be able to keep you out of trouble before you even get started.#4 They can provide you comps for both the purchase and rents, and perhaps verify rents for you of current tenants.#5  They may be able to provide location expertise and inside knowledge of the area for you....the good, the bad, the ugly.   

The coliform is the biggest issue, but a shock treatment with chlorine bleach is generally all you need to take care of that.

In order to authorize a change in noncon­forming use, the Board of Adjustment shall consider the relative impacts of the existing noncon­forming use and the proposed nonconforming use with regard to traffic, noise, pollution, visual appearance and compatibility with the neighborhood, and shall make the following findings:1) The proposed use is expected to result in impacts which are less than those associated with the existing use.2) The proposed use will be more compatible with the surrounding neighborhood than is the existing use.3) Approval of the change in nonconforming use serves the public health, safety and general welfare.4) Failure to approve the change in nonconforming use would result in a hardship to the owner of the property on which the nonconforming use is situated.An existing nonconforming use shall be discontinued within 60 days of the date of approval of a change in nonconforming use.

can you share a map to visualize the location? 

Here's a simple example (because I'm a visual learner lol):Assumed ARV = $115,000Purchase Price + Cost = $45,000Rehab Costs = $35,000All In Costs (total above) = $80,000 financed fully by a HMLBut then the appraisal comes back at $100,000 and you're only able to obtain an 75% LTV, meaning you'll only cash out $75,000.

Four treatments with Clorox in a garden sprayer and I’ve killed the smell.

There are sections of the crawlspace I cannot access for subterranean termite treatment, as well as running new electrical for an AC system, I kept thinking there may be a hidden opening covered by flooring, but if I can't find it then I need to crawl down to the 16" headroom crawlspace with a corded rotary hammer strapped to my ankle, crawl ony belly for over 40 feet to enlarge the congested opening so I can pass through it. 

I just bought the property and for sure have to do termite treatment.

And the underlining assumption is tax treatment differences will make big difference.I own rental properties and invested in syndication and to me, it's comparing apples to oranges.As Tony mentioned, you typically get a large passive loss in MF syndication the first year which offsets your distributions for many years (no tax). with direct ownership, you get to write off all the things OP listed above, so you typically end up with very small or no tax liability (at least in my experience).