If wallpaper is not peeling I would not recommend removing for a rental property. 

Well, a few comments, not a book this time.Risks can come in various masks, borrower takes bankruptcy, the sale was flawed or originated improperly which can be missed, court tosses it out or does a cram down, reducing principal and the court may bar any deficiency.

None of these are a basis to walk away from a deal but are some of the bigger things to look for which aren't as obvious as vinyl tile peeling. 

No peeling paint.

Additionally, consider that you could do a 203K FHA construction loan to purchase a "fixer" since traditional FHA loans require the property to have no "defects" such as peeling paint, etc.

You're living there which is different than just peeling off income.

Once you see fraudulent accounts you report them to the companies and the credit bureaus and it is addressed fairly quickly.I have had applicants with horrible credit try and hide behind the ID theft mask.

No one wants to be greeted by an angry tenant waiting with firearms.At the appointed time, we come with a locksmith, two moving men and their moving van and us in our protective gear (work clothes, gloves, N95 face mask, and eye protection) and boxes and bring construction quality plastic bags.

The house also needs to follow HUD guidelines which means railings on all stairs, no peeling paint, etc.

The copper threaded connection to that is mostly likely corroded and have to be peeled out.