I always replace toilets, shut off valves, water fixtures, add frostproof water spigots with additional isolation valves for winterizing, switches, light fixtures, Add ceiling fans to every bedroom, GFCI outlets, regular outlets, smoke detectors with 10-year or hard-wired-in, use a quality one coat semi-gloss paint, basic white washer/dryer and Exterior door locks with touchpads (key free). 

The neighborhood HOA passed a motion to limit the number of rental properties.  

Like the roof, and anything else, ignoring maintenance will only increase expenses for later repairs.Spring and fall are great times to inspect the house, and while batteries for smoke detectors can be left to the renter, replacing those, or water filters, etc, are great reasons to inspect the property.

Account Closed,Lenders typically start their own "wheels" in motion after the third missed payment, but it can still take a while before they get to the point of beginning the process of foreclosure.That said, Brian called it: offer him what he owes  - you decide if you want to give him any more than that as an incentive to cooperate.

HOWEVER  ...... when I  sent a contractor over for a few minor violations (smoke detectors), electrical lights out..... 

Either  1) you will get no loan whatsoever, or 2) It is some BS combination of "trade accounts" credit.....Office Depot, Home Depot, and other misc useless businesses......Not a cash line of credit.Once you qualify for any kind of business line of credit, there will be No upfront fee, and more importantly it will be because you have established an Actual ongoing business that shows a profit, and consistent revenues over a few years.Time to turn on your BS detector.

It's SUPPOSED to be the Real Estate equivalent of: perpetual motion! 

Install motion detector lighting as well.

My worst experience was driving to my three decker at 2am to try to figure out why the smoke detectors kept all going off at the same time in the middle of the night.

That is my exact plan get a good one on the hook and reel it in with someone guiding me on the motions.