One of the most unique aspects of today's RE market is class distinction between the experienced an inexperienced due to the fact that the market has turned downward and caused margins to thin.

We were eager to meet and talk to everyone, we had no class distinctions, intellectual classifications, or fear of rejection.

FYI: For retail banks and credit unions, the mortgage division is always distinct from the retail banking side of things.

Legally, there is a big distinction.  

I think I understand the distinction you are making.

The wiring originally installed that house was designed to run a few light bulbs and perhaps a radio or two (it's not uncommon to find a single circuit per floor or only 2-4 for the entire house) and not to handle today's array of electronics.The house of that vintage, the presence of asbestos in its many forms (pipe and duct wrap for the heating system, possibly mixed in plaster, floor tiles, exterior siding, etc) is a distinct possibility.Where I do not have experience is in local insect damage - I know you have termites and undoubtedly carpenter ants (or a close relation).  

FYI: the smell is strong enough (when the wind blows) that you will pick up the scent even if you're not paying attention

Turn key is a euphemism .... or a coined termthe question is :::do you buy a rental property that has been recently rehabbed and there is a brand new tenant or are you going to put a tenant in it.Or are you going to buy a home that needs work Major or minor and do it yourself.. its funny how this distinction gets lost..

Is it the bank that makes this distinction?

Do mismanaged it, keep clear distinction between what's personal and what's the LLC's and don't do shady business.