The FHA says that examples of such problems include but are not limited to the following: Missing handrailsCracked or damaged exit doors that are otherwise operableCracked window glassDefective paint surfaces in homes constructed post-1978 (because of lead paint hazards)Minor plumbing leaks (such as dripping faucets)Defective floor finishes or coverings (worn through the finish, badly soiled carpeting)Evidence of previous (non-active) wood-destroying insect/organism damage where there is no evidence of unrepaired structural damageRotten or worn-out counter topsDamaged plaster, sheetrock or other wall and ceiling materials in homes constructed post-1978Poor workmanshipTrip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)Crawl spaces with debris and trashLack of an all-weather driveway surface=================There are many areas, however, where the FHA does require problems to be remedied in order for the sale to close.Electrical and Heating The electrical box should not have any frayed or exposed wires.All habitable rooms must have a functioning heat source (except in a few select cities with mild winters).Roofs and Attics The roofing must keep moisture out.The roofing must be expected to last for at least two more years.The appraiser must inspect the attic for evidence of possible roof problems.The roof cannot have more than three layers of roofing.If the inspection reveals the need for roof repairs and the roof already has three or more layers of roofing, the FHA requires a new roof.Water HeatersThe water heater must meet local building codes and must convey with the property.Hazards and NuisancesA number of conditions fall under this category.

If he will be utilized to check the health of the association, bylaws, etc, you can anticipate a bill of in excess of $3000Experienced investors have offer forms they fill out themselves, but unless the state has a promulgated contract, you will be foolish not to engage legal counsel.

@Ethan Mastrodonato The whole point behind having the security deposit is to protect the landlord against excess cleaning, breakage, or theft upon move-out.

I will always include an inspection contingency / study period to protect myself... with a duration in excess of what should be necessary to complete the due diligence.

. §1.165-9(b)Property converted from personal use(1) If property purchased or constructed by the taxpayer for use as his personal residence is, prior to its sale, rented or otherwise appropriated to income-producing purposes and is used for such purposes up to the time of its sale, a loss sustained on the sale of the property shall be allowed as a deduction under section 165(a).(2) The loss allowed under this paragraph upon the sale of the property shall be the excess of the adjusted basis prescribed in § 1.1011-1 for determining loss over the amount realized from the sale.

I understand you can begin the process to receive the treasurers deed at 2.5 years and in theory (excessively unlikely) receive the deed in 3 years time. 

I have an application in front of me now where a prior landlord gave her a bad report because the vertical blinds were missing and an "excessive carpet cleaning" charge on move out.

I usually try to workout at least 4 times a week so this can save me about 4 hours a week in excess gym time.

Start with gutters/downspouts and exterior grading in order to reduce the seepage and moisture intrusion.

A handyman landlord working with minimal help can do good work in these places, stay on top of things, and keep perhaps ten of these tight little ships running with practically zero outside labor costs eating into his profits or excessive time commitments, while he does modest, leisurely little spec rehabs and occasionally larger live-in flips anywhere he finds deals, accelerating his timeline to  pay off his street of moneymakers.