They can basically just sit by the fire and wait.

Just the basics but what did I miss?   

So we bought in a safe neighborhood, know our neighbors well, and have the basics when it comes to home security.

I would be much more apt to invest in this type of deal, if you are truly a second, recorded lien position with a fixed interest rate and a capped upside upon any capital event.And finally, there is all the basic underwriting needs which will vary deal by deal.  

Basically appreciation potential, and potential cash flow follows all that.  

I am considering doing this deal with no agents on either side to save money (savings the seller would pass on to me) - my buyers agent actually suggested that when I explained the situation to her and that I really only needed basic transactional help. 

I know these are basic rental type things but I with a full time job and young kids and my own primary home that needs a lot of attention it just all feels like a huge strain to do anything at all for the rentals.BUT, we have great interest rates on the mortgages, really good tenants, and the rentals won't always break even-- they will go up in value and in rent.

They were all trapped in their glorious tech and couldn't manage the basic functions of property management.Anyway, avoid.

In my experience, inspections are typically about safety, not whether something is up to code (that's what the town building inspectors are for). 

DEFAULTS Tenant will be in default if: (A) the Tenant don’t timely pay rent or other fees and charges they owe; (B) Tenant or any guest or occupant violates this Lease, property rules, or fire, safety, health, or criminal laws, regardless of whether or where arrest or conviction occurs; (C) Tenant abandon the property; ....When Tenant is in default, the Landlord has the option to declare the entire balance (all outstanding balances including but not limited to invoices, rent, cost due to damages/abandoning the property) payable hereunder to be immediately due and payable; the Landlord may exercise any and all rights and remedies available to Landlord at law or in equity and may immediately terminate this Agreement.XVI.