I believe that to be the most common practice at least in my market.

A split level ranch in a standard neighborhood doesn’t cut it anymore.

Your standards can be even tighter based on bedroom size, flexible space, plumbing capacity, and other factors.Check out the Keating Memo from HUD to learn more: https://www.hud.gov/sites/documents/DOC_7780.PDF

What are the pros and Cons of buying Residential and Commercial Properties in Georgia? Can you share your views on this?

Any advice or tips on taking over a lease would be greatly appreciated - specifically around questions to ask before close, mistakes, and best practices.

Sure, the fill time can be almost non-existent, but you also may need to abide to standards accepted by the previous property owner.

I wasn't sure if there was an "industry-standard" way to approach investors, luxury brokerages, etc. 

You are subjected to regular section 8 inspections, but as a good landlord you'd want to keep your properties up to standard anyway.

If your intent is to go ahead with the purchase how do you get around the inspection fee...another words do investors as a regular practice PAY an inspector to inspect the property even though its not really yours yet ...and may never be??

This above is the tiniest snippet of the "golden nuggets" we have developed into our "gold standard" lease.