A place for anything visibly broken or missing or maintenance items, chirping smoke, loud fridge hum etc.

Basic typically includes the following: Fire, Lightning, Explosion, Wind/Hail (but not Named Storm/Hurricane), Smoke, Aircraft and Vehicles, Riot or Civil Commotion, Volcanic Action, Sprinkler Leakage, Sinkhole Collapse, Vandalism/Malicious Mischief.The DP3 is also known as Special Form and that gives you coverage for any physical losses not specifically excluded in the policy.

You will need to make sure there are smoke detectors and a couple other minor inspections items.Of course, you need good walls, and a dry area so it isn't a wet mess...If you want details, give me a shout.

Things like cigarette butt cans in their entries, break down vehicles, general untidiness, noise complaints, etc.  

If you are looking to bring in equity partners I would be cautious about leading with returns or what a smoking deal you have. 

Until then those that include it in their net worth are talking smoke and mirrors.

I had a few items that were required that I initially was willing to overlook, like missing smoke detectors and simple things like that.

Also, technically they have failed to comply with the lease by smoking on the property.

HML on buy and hold will result in little to no cash flow unless your getting a smoking deal.and at the end of the day you really end up in far worse position since the asset has not really appreciated and you have paid 20% apr for your funds instead of 10% or something like that.Nope HML is not the answer here ...

None of the woodwork was painted, the downstairs unit smelled like someone smoked two packs a day for 50 years in there, and there is a lot of personal property throughout, but it definitely seems like a good deal.