Great flashlights and extra batteries that fit, super long extender ladder, korkers/or other brands over shoe to go over your steel toe boots, GFCI tester, moisture meter, a dog nose, an extender mirror, shovel to check foundation moisture, respirator as some properties have gross smells or chemical exposure, regular retractable tape measure forget the laser one, 5 gallon bucket, zip lock baggies, brown paper bags, putty knife, variety of screw drivers,Are you checking basements?

@Timothy Burnes Don't do it. 10-20k in equity is not worth all those issues.Bed bugs are a significant defect that can take either $5000 and tenting the whole building for heat treatment, which requires vacating the tenants or getting them hotel rooms for a few nights, or a sustained program of prevention with bed risers, leg traps, sealed mattress bags, and the tenants need to keep it up for.. get ready for it.. 6 months, which is how long they can live without a meal.Sewage in the basement could be a big issue if you have a sewer backup problem.The sinking toilet sounds like it needs immediate attention, but at least that's a straightforward repair.The other issues are what I would consider "normal" as in, you could fix them but don't need to in order to make the place liveable.Based on the bed bugs alone I would avoid... if you are comfortable with this level of rehab you should be getting a way better deal. 

They have 2 pet rabbits (the lease allows small pets), they had a bag of rabbit food tipped over and spilled in the cages, and hay outside the rabbit cages in an open bag and also sprawled out on the floor of their kitchen.

Workmen would need a respirator while working with the asbestos, and the asbestos would need to be bagged and disposed of with a special landfill.   

It seems like you are getting left a bag of tricks with the house.

Most of it is in bags, the rest have been reloaded into several years worth of shotgun shells. 

I’ve gotten a mixed bag of reviews how solid the agreement is (Florida) but it lays down the framework and numerous scenarios in case of death, disagreement, distributions etc. and spares us from paying $2,000-$3,000 to have a lawyer draft it.

I have bad experience with PMs where tenant broke multiple leases in a year and I had to fight to get concessions on the leasing fee with my PM (I have couple fantastic PMs as well so its a mixed bag).I do plan to do my own diligence in picking up the tenant.

People will use Turbotax which is fine for plugging in numbers, but they don't tell you what you can legitimately claim, so in an audit you are left holding the bag.

@Dave Spooner I have not sold it, but an identical replica of the house ( this is a tract home) sold last month for 535K in worse conditions.