They seriously question whether people can remain productive while smoking though, so there will be bureacracy you have to deal with when people in these legalized states are figuring things out.

How many people living with you smoke?

In addition, ask about important factors like pets, children, smoking, and criminal history

I think I may have a smoking deal as Sean Terry says but time will tell I haven't gotten it under contract yet. 

In order to do this effectively they are typically distressed properties or if you are fortunate an off market smoking deal.  

One of them smokes.  

I've toured and it is rent ready so shouldn't have to do any repairs (maybe smoke detector batteries), appliances are brand new, mechanicals <5 years old. 

For example, we require No Smoking, and the management company we work with has a $10,000 fine for smoking (things like that that help get the kind of tenants we’re looking for).Thanks for sharing your story & experience.  

The damage from fire, smoke and water are pretty significant.  

For sake of simple math, I'm going to assume you got a smoking hot loan at 6%.