The only MLS properties I can recall purchasing over the last 10 years had some kind of major work needed on them, or a glaring defect.

In the paperwork from my attorney's office they recommend a survey, specifically they say if you do not, you may be prevented from learning about any title defects or encroachments. 

If we don't have much invested in the house anyway, how much are we out, if the title is defective?

But even the Jedi landlord can't fix a bad neighborhood or inconvenient location, and a defective building will be a drain on time and money....3.

The contract will state the work will be done "to industry standards, minor defects", etc. and provisions for punch list work.  

The "owner's title policy" is paid for by the seller and protects the new owner against title defects. 

@Allison C HendersonAny defects will impact the appraisal.  

Somebody wanting to sue for you backing out of a bad deal or accusing you of selling them a property with defects like unknown termite damage).

Like a defect.

This letter contains instructions on:- how to remit rent;- when late fees and notices to vacate are assessed / field in the case of delinquent rent;- A page of contact numbers (ours, plumber, electrician, etc) and e-mail addresses;- An outline of any near term renovation / rehabilitation plans for the property;- A form for the tenant to list defects, maintenance needs of their unit;