Then track the date a maintenance issue was reported, description of the problem, who it was assigned to, when it's estimated to be completed, when it was completed, date/amount paid, etc.It doesn't have to be fancy.

We are hoping to streamline tenant communications, maintenance requests, and payment records. 

Renting is just pushing an issue down the road and can very well become a more costly mistake. 

For the proceeds I have to pay seller I would have to issue him a 1099 right?

I agree with the other comment, you unfortunately do not get that money back even if the seller was not upfront on an issue. 

I do have additional coverage for the sewer since I knew it may have issues before I bought the property. 

Ultimately would you say our case is more so with the inspector for not letting us know about the exposed wire and not so much with the agent and the cosmetic issues?  

We don't allow advertising or deal making in our Private Message System, so that could be the issue. 

I highly recommend an attorney to draw one up as each state and each property can have unique issues. 

They use leverage in some of their funds, which can increase returns, especially if they have a low cost of capital (but potentially increase risk and trigger UBIT issues).