@Andrew B.The water shutoff, HVAC system, air filters have to be replaced every three months.The water heater is located in the garage which is owned by another unit.In another property, I recently had an HVAC system blower fail in the middle of the night spewing black smoke into a bedroom.

It could be a smoking deal on a nicer property in a great neighborhood for all I know, just highly unlikely at that price point.

Parent corporate guarantee tends to be the strongest and most secure from a  credit standpoint although any tenant can go dark but odds tend to be smaller percentage wise the better the credit rating.For tenant risk I have my 5 levels.Strongest to weakest usually:Investment grade credit parent corporate guarantee.Subsidiary of investment grade credit.Large franchisee typically 50 units or greater and long time operatorSmall franchisee with one to maybe a few unitsNo investment grade corporate credit or even a franchisee but a local mom and pop operation. 

Pets under 35 lbs welcome, 6 month lease available upon request, and no smoking on premises.

@John AppleHi John,Wear a nice (well tailored) dark blue sport coat with an expensive golf shirt and you'll look a lot more mature. 

Sounds like "we need 20% down but want to trick you into thinking its 10% by spreading money across fees and down payment".Holy smokes.

The lease specifically says there is no smoking anywhere in the building for example, not even on individual balconies.

I've done it but only when i'm trying to squeeze more money out of a third party while at the same time, being comfortable with it coming back to me as REO (That usually implies there is a senior lien/junior lien relationship of some sort).Some of it is art, some science, some smoke and mirror but its all in the effort to "true up" what you realistically expect to take as a loss when its all said and done, if you end up taking a loss.

Ensure all smoke detectors are accounted for and have a working battery.

If you find a smoking deal, borrow some from friend and family, take it down with cash and then fix and refinance and then pay everyone back.