I’m in the process of buying another property and once it closes we’ll have to immediately install new smoke detectors and carbon monoxide detectors which he’ll have to take time from the apartment project to coordinate with the electrician on.

In WA It also means carbon monoxide and smoke detectors and water heaters are strapped. 

Main items of concern:Lease set up: Business to owner, specific items to include - boiler plate or company that can generate for a feeLiability issues and insuranceADA requirements: the owner had stated only required depending on what tenants live in the facility- carbon/smoke alarms - no ramps, etc (seems fishy as in construction rules on ADA are stringent)As the owner do I need any short of license?

And of course working smoke alarms (and if gas, carbon monoxide detectors).  

@John Carbone how did you arrive at a revenue multiplier of 10x to arrive at purchase price?

(This is about taxes)You need a Zoning Permit for Visitor Accommodation:To rent your home for stays of 30 days or fewer.If the property is not your primary residence.Housing requirementsSmoke alarms must be installed:In each bedroom.In the hallway in the immediate vicinity of the bedrooms.On each floor of the home, including basements.Carbon monoxide alarms must be installed:Within 15 ft. of the entrance to every bedroom or within 15 ft. of a bed in sleeping areas if there isn’t an enclosed bedroom.Centrally on a wall or the ceiling, but not directly in front of a door to a bathroom or within 5 ft. of a cooking appliance.Under the installation requirements for smoke alarms if they are combination smoke and carbon monoxide alarms.You can’t post signs for lodging on your home.The home can’t be occupied by more than three people (including the owner and renters) who aren’t related by blood, marriage, life partnership, adoption, or foster-child status.You cannot change your house so that it no longer resembles a private residence.Information you must provide your rentersRenters are only allowed to have guests between the hours of 8 a.m. and midnight.You must tell renters the trash and recycling collection days and any trash disposal rules and regulations.

An activated carbon filter will take care of the color, as that's just caused by dissolved organic material.

Lack of gfci outlets where needed and other safety issues like missing smoke/carbon monoxide detectors. 

You need a carbon monoxide and smoke detector in the required rooms, that is pretty inexpensive and safe.

When I’ve had inspections out to close permits they’ve always been sticklers for smoke and carbon monoxide detectors.