However, it sounds like an equity distribution in a less-than-arms length transaction.However, I don't know how that affects the basis even if you don't have a sale.OOC - Why? 

There are many reasons why folks move to the metro but the most important reason is that Austin is a job creating machine with open arms to entrepreneurs and also giving fat tax rebates to the big companies like Tesla.

Only learn from professionals with a proven track record.Pay a coach to train you in some of the following (have a written agreement with coach to learn: Local tax sales investing, All types of contracts; hybrid, joint venture, skinny offers, commercial contracts and arms length contracts, assignment offers.

I've been thinking about what is non-negotiable, and really I would say (1) general safety and (2) that the numbers work for the cash flow as a long-term investment. 

Make sure you arm yourself with team members that are fellow investors so you are all on the same page. 

Not to mention the required COVID "safety plans" and other red tape.

If you have a dripping faucet, leaky toilet etc, those are handyman type repairs.Try to think of the permits and inspections as making sure the work was done right to ensure safety and having future headaches.

Currently the property does not have any pool safety fence.

Question 2: While tenant safety absolutely comes first, does this arsenic problem necessarily need to be addressed with a treatment system?

The under-endowed schools that participated in the nuclear arms races of the 90's and 00's with lazy rivers and luxury rentals may be paying the piper soon due to the smaller Gen-Y population, skyrocketing prices and the effects of COVID.