Be aware that you will be responsible for finding open permits, illegal construction, etc. and you will have no statutory disclosures-mold, defects, lead paint, etc.

In Colorado HOA's are a hot button due to construction defect litigation so we try to avoid them at all cost.  

Banks and anyone who has never been in a property can't really know defects and won't go far but a disclaimer on the seller's disclosures.

HUD comes, and many REO's have huge title defects that can take a long time to fix.

The first and last owner/builder custom spec home project I insured resulted in a $400,000 construction defect claim with 11 months of litigation.

Try to uncover as many defects as possible. 

I disagree with @Chris Seveney  This was a latent defect that would not have been detected by a home inspector. 

Also guys this is what the lease saidReasonable Time for Repairs: Upon being notified by Tenant that there is some building defect which is hazardous to life, health or safety, Owner shall undertake repairs as soon as possible.

Not only will this technology revolutionize the building industry but with other materials it will be capable of building body parts to help doctors/ patients replace defective or worn out ones.

Your argument is downplaying defective heat related items.