Some may be ok with properties like this as the comparison would be that the fees cover roof, common grounds, exterior insurance but regardless, I look at it as eating away any kind of return.As others stated, you would do well to get the documents and P&L if you can to see just where the money is being spent and what they cover.Good Luck!

A man cave in the basement which will have it's own exterior entrance, a bathroom, a wet bar, AV system and access to a lower level single stall garage.  

It was a home in need of work and had only 1 right angle on the exterior of the home.

There should be adequate interior and exterior lighting.

I am aware this list should only be used as starting points or "areas of research" towards more detailed and specific DD, but would still very much appreciate if you can let me know whether or not i am missing a significant area of research.The list as it currently stands:Collateral File BPO & exterior condition (as indication of interior)Property insurance up-to-dateTaxes due & Tax liensTaxes & property insurance escrowedNeighborhood crime rate & other neighborhood safety statisticsOwner has all necessary insurance policiesIs owner occupied?

As long as they are picking up after themselves around the exterior of the property it's accomplishing what you are trying to have done.

Biggest expenses will be roof repair, flooring, exterior and interior paint, some replacement windows, and cleaning/sealing the interior due to nicotine stains/odor.

EXTERIOR IPMC 604.3 - The rear receptacle must have GFCI protection.LOWER LEVEL IPMC 704.2 - One smoke detector is required in the bedroom.IPMC 604.3 - Install a grounding jumper wire (bond) across the water meter. #8 copper.

My model does include an annual maintenance amount and a big ticket amount (capex  ie roof) and finally some utilities (I like to pay the water bill and lawn maintenance so the exterior always looks decent).  

A day before the closing I wanted to have the exterior oil tank removed because I was afraid it could have been leaking which means the fines would be tremendous and I could pretty much be charged a minimum $20,000 just for having this leak on my property (This is what I was told by the inspector) The seller dropped the total cost of the property by $3,000 in order to continue with the sale about 3 hours before the scheduled closing.