If you find that the operating costs are excessive, then you would not purchase the property, or it would give you reason to re-negotiate your offer. 

I have heard others state as often as quarterly (although I personally think that is excessive, at least for my B+ class properties).

My first tenant is moving out and it is not going smoothly.There seems to be a lot of excessive damage to the house and I want to know what is normally considered excessive damage.Is there a standard listing of typical excessive damages in rental properties?

Right now there is also a built up excess supply in your backyard of condos where the developers of many projects are left holding the tail of those developments.  

I don't see major issues during a quick walk through but wanted to get your opinion as it seems there are a few cracks on both sides of the house denoting signs of settling/moisture/etc. and some crumbling (pictures below)?  

You did not give a lot of info on the property but I am guessing that a 4/4/4 is going to be in excess of 3000sf.  

It doesn't seem fair to conclude that office investors naively take higher risk for lower cap rates.If I owned enough multifamily to cover costs of living and was sitting on excess liquidity I could see delving into offices to diversify, but it seems savvy investors may be able to make sound office investments more directly.Related: investors in mobile home parks insist on valuing properties primarily on lots, mostly ignoring park owned homes.

If a spot appears wet there is equipment called a moisture meter that reads how wet currently the area is.

Patrick Cruse granite in a 68k house seems excessive to me, though with scraps might be a nice touch.

Get the money first then go get the great deals..So build a business plan... if its rental props you want... put a plan together present to folks with excess cash and then execute.. before to give the investor the lion's share to get started.. another thing I see common in the industry is those starting out think they do all the work and the money should take far less.. well I personally believe that's backwards thinking.. reward the money and the money will flow..