Then literally hundreds of these of come across my desk seeking financing - and typically the pro forma looks great while the actual historical financials show almost no more profit than Simple long term rentals after paying management fees, higher interest rates necessary for these type properties, increased repairs and maintenance, and faster depreciation.There’s also a personal reason I don’t invest in these properties ( I DO finance them).  

We discovered during inspection that the hall bathroom has an alcove for a shower, but no shower installed and the space is too small for a bathtub.

Then negotiate owner financing terms or a long term (3-5 year) lease with the option to purchase in a few years, then you can go to the bank to finance it once there is equity and no need for a huge down payment. 

No auction just look at a list and buy outright from what I understand.

You will likely need a new Certificate of Occupancy too, which is no small task. 

If they're selling course after course, no thanks.

The local store may have a limited selection but you can find more sizes and options on their website.The tenant may very well trash them, but they are inexpensive and can easily be replaced with the deposit.

Hi Everyone,     I am aware Colorado law prevents landlords from charging the tenant's security deposit for the time the landlord spends on repairs (though they can charge materials).

*No need to mention to me umbrella policies.

Title insurance is no different.