And we rarely need to use them.Tenants sign and initial each page of the condition report at signing, we quickly go through the property and let them take as long as they want.Ideally at move out they would sign the condition report, but this is nor normally done. 

I wouldn't recommend setting up an LLC out of state if you are buying in Tennessee unless your tax advisor is looking to help you on strategy.. but from a numbers standpoint, it really doesn't make sense when you start adding up on all of the annual LLC reporting fees from different states and then it starts cutting into your cashflow.

My realtor found the city building inspection report which details that the unit needs to be de converted as it cannot be brought up to code.

Banks do not tell you when they report your transactions as suspicious to the government.Many transactions over about $9500 ($10,000 is a soft cutoff. 

Owner financing makes sense when you have their credit report in hand.

Ive had to report a few to the attorney general.

If you had a mold remediation company do all the work and mitigation, send the threatening party the reports and clearance.

Most MLS systems will allow you to run a report and see what % of list price are deals actually selling for..

I would also spell out what progress reports/pictures and/or videos should entail.  

I would highly recommend you create a Market Report in PriceLabs to see how similar properties nearby are actually performing.