While you are examining heating, plumbing, electrical, smoke/CO detectors, weatherization, locks/doors/windows/screens, appliance function, etc, keep an eye out for lease violations and how well they take care of the unit.

For me, I can do many of the functions that I am doing with real estate as an attorney anyways, however, access to the MLS for me is everything.

We don't allow our tenants to mess with the HVAC and we replace the filters on schedule because tenants rarely do what is required to keep the furnace functioning properly.

Older homes in our area often have a functioning forced air furnace with ducts for all 1st floor rooms but gravity registers (basically holes-with-grills through the 1st fl ceiling/2nd fl floor) for the 2nd floor.  

Repairs-  You cannot modify the property in any way so with some utilities requiring inspections before service can be initiated, any required repairs cannot be doneYou can have an inspector do a visual inspection and have a plumber do a pressure test which can identify some issues

Every hard money lender I have used functioned similarly to a traditional lender in that they want you to get "pre approved".  

I provide affordable, safe, and fully functioning housing, and they give me rent payment in exchange.

My portfolio is too small and the cost in CA too high to justify a LLC, even assuming that it will function to protect me if/when needed.

Its not like I am giving away a fully functioning renovated duplex..

The mortgage debt can be discharged as a function of the plan which means the debtor no longer personally owes on the debt.