Here's a guide that might be helpful:http://www.dca.ca.gov/publications/legal_guides/lt...and some statutes that apply:http://www.leginfo.ca.gov/cgi-bin/displaycode?

You will also have other disclosure requirements mandated by statute and contract.Given the market, if it was my home, I would do minimal cleaning, touch-up, and paint and then put it on the market as a great fixer with lots of potential.

Very important to know exactly what the lease says and what the statutes require.

and we have a cleaner locally that also acts as our local presence (as now required by statute).  

All the legal “theories” about why it was “illegal” and voided any enforcement of the note was just pure garbage......promoted by foreclosure defense attorneys, along with all kinds of other bogus “defenses” so they could collect large fees from homeowners fighting foreclosure.....all the while the attorneys knowing these defenses were bogus, knowing they would never win, but it gave them a way to sell their services to desperate homeowners.Here in FL it was an ever changing shift in new “marketing theories”........”show me the note” “invalid assignments”, “FL 5 year Statute of Limitations”, etc.Yes, there was a lot of sloppy work by banks and their foreclosure attorneys, and some improper short cuts....robot signing, etc.  

Check local state statutes.

Note this recent change in Colorado statute regarding seller financing and Loan Originator Licensing:Exemption for Seller Financed Transactions Amended"Colorado recently amended the exemption provisions under the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (Act), with respect to seller financed transactions.

For a QI it's even less important and since 1031 is a federal statute and a lot of exchanges start in one state and end in another, the national experience of the QI is much more important than their location.

If there's a property to get sited for violating a vacation rental statute, it's yours. 6.)

My Nolo Landlord's law book says there is no state statute , but some doc I downloaded from the Wi Dept of Agr, Trade, & Consumer Protection says I must give 28 day notice to increase the rent.