To clarify, I had initially put the property under contract but had to back out of the deal due to negative inspection results, specifically related to foundation issues.

Perhaps these liability issues aren't something most people building think about and if so I'd be interested in hearing that. 

My thought here is that these properties will have no mortgage associated, purchasing the property offers the opportunity to have the deed issued for the property. 

Should there be any issues with your property though, that is one of the first things you could expect2.

Clark County which encompasses the rest has a lottery and is in the “process” of issuing licenses, although last we know there have been 4 issued.

My friend said his client nearly bailed when she found unexpected wiring issues behind the kitchen walls..apparantly the seller hadn’t touched that electrical since the Reagan era..but with a patient electrician who understood the local code and a carpenter who improvised a shelving trick in the diningrom, they ended up selling above asking.Flipping and building can get tricky, especially once you start thinking bigger.

If it is a market rate class A, B or even C properties, I would say that it (basic maintenance) is something the tenant should handle considering that for these properties the tenants likely have additional resources to handle small maintenance issues. 

So by the time you sell it and deal with tenant issues, you really do not get ahead.

It is very common for residents to note of issues within a week of move-in.  

Maybe you are close to a black hole and have encountered a time dilation issue?