To add to @Bruce Lynn 's comment.Here is a gem for you.1.)

Gem up another lease for the storage building.  

Be prepared and let them know if there is major hidden damage discovered after walk through they can be charged for it.

There are always so many unknowns hidden behind walls.

What are the hidden liability that I need to watch out for?

This electronic payment clause was hidden in the American Rescue Plan passed earlier this year.

Investment Info:Large multi-family (3 units) other investment.Beautiful 3 units in a hidden high-end neighborhood of California Heights [Hunky Dory /Trabuco Canyon]What made you interested in investing in this type of deal?

@Michael Baum Definitely need help with those hidden STR startup costs, I’ll check the threads out

I've also asked about making use of the existing well/septic, although I anticipate on simply replacing same with the new construction.Our counties aren't very modern -- while tax info is available online, I still have to go to the courthouse to research any other liens/judgements against the current owner to see if there are hidden claims to the property.  

Which goes into your next question...The PM is most likely not a licensed inspector and cannot be liable for hidden issues after the inspection - even licensed inspectors aren't liable for things they missed.