Please include:When and how is rent to be paidWhen and how are utilities going to be paid (if any)When and how is the cleaning going to be (if shared or provided)What are the costs associated with damages / breaking stuff / calling a technicianWhat are the costs of breaking the lease, finding a replacement if you are doing short term leases on the roomsIf they lost their keys or check bounces what is the charge for it, how the cleaning of the common areas is going to work, and enforcing quiet hours.

The previous owner may have done it personally and it is not reflected on the financials.Cons- Selling right now breaks two of my key rules in Real estate:1. 

Is there some sort of solution where I can keep the old railing in place and make it safer without breaking the bank?

I have learned the hard way that financing can make or break any RE deal.

California tax burden - Due to the clawback provision, you don't get a full break from the higher income taxes in California if you sell in another state later after a 1031 exchange.  

A good hotel management group makes your breaks your hotel.I focus in ground up hotel development here in the Western US.  

If you want to discuss more please feel free to reach out.Biggest recommendation I can give is know the laws and know neighborhoods you are interested in investing in, they can make or break you.

Some states allow breaking a lease for owner occupants but some do not.

My primary goal is long term appreciation and I'll accept a property that breaks even on cash flow.

A bent aluminum gutter shouldn't cost more than $100-$200 to replace and it isn't justification to break the law.