But even then, the investor-friendly ones can give you specific items on what would have to be fixed in order to qualify.

I am making a checklist of items to look at in each unit, covering all items for unit from flooring type, need to replace, overall condition of unit, specific items such as doors, windows, cabinets, etc. 

There are circumstances that you do want to control M&M but that usually happens on very specific items that you already are planning on taking the extra liability on. 

If we ever run into a situation where we need more or specific items, we will just amazon prime them direct to our cleaner and she will drop them by.

Parks have a lot of specific items and by going with their contract on the buy side, it will be a tremendous advantage to you. 

From there, my diligence would move into deal specific items, like current leverage on asset at today's market, effects of sustained recession on business plan, submarket specific items, and more detailed operator diligence: experience through prior downturns, balance sheet, net worth of sponsor, capital from sponsor invested in deal, etc.

The time I spend with students isn't usually on real estate specific items.

Here are some things to include.Copies of leases and applicationsAccess to Yardi, Onesite, or other PM softwareDocumentation of debts, past due etc.Rental licenses3 years taxesRent roll with lease start, end, amount, and deposit. be sure PA prorates rents and transfers deposits with interest)Service agreements lawn, snow, cleaning, laundry etc.Copies of tenant notices  given within 90 daysOperating statements 3 yearsDisclosures, LBP, etcContracts for improvements in last 3 yearsEmployment contracts/ payroll Insurance policies and claims history 5 yearsinventory of property on site (office furniture, common area items, etc)Repair records for the building 2 yearsCopies of bills such as heat, electric, water, etc to verify (also helps with transfer)Copies of current inspections.Boiler logs Past litigationCertificate of occupancy Tax records (we will pull)warranties sill in effectfloor plansestoppel agreementZoning Historic designationPrepare lease assignmentsPrepare prorated rent and deposit agreement for closingThere are often many more property specific items. 

Landlord insurance will cover all the hazards homeowners insurance covers plus landlord specific items like loss of rental income if there is a fire.

If he was to skim by charging more for the rehab, you then ned to be aware of the general costs to do specific items and keep an eye on that.