A lot of times there are small things that can be fixed immediately, e.g. loose handles and railings, burnt out bulbs, faulty smoke detectors, dripping faucets, running toilets, loose toilet seats, etc.

I'd start with a list of questions for pre-screening tenants (current income, whether they smoke or have pets, etc.) and then if they meet that criteria and want to apply, run a tenant screening check on them.

Where some people see darkness, others can see light.

He gave me a shot in the dark price of about $1.1m to $1.2m. 

The tenant itself likely will want to sublease to offset some of the dark rent obligation until they can get out of it.Paying 100k out of 150k rent is a lot.

The damage was mostly cosmetic smoke damage. 

And I use the word lightly  because what I am referring to is things such as replacement of light bulbs, changing smoke detector batteries, clogged sinks, etc. 

Also smoke detectors, fire extinguishers, etc. 3.

Here are a few important terms to include in your lease agreement:Rent amount and due date: Clearly state the amount of rent that is due each month and the date on which it is due.Security deposit: Include the amount of the security deposit and any conditions under which it can be returned or forfeited.Term of the lease: Specify the length of the lease, whether it's a month-to-month or a longer-term lease.Occupancy limits: Set a limit on the number of people allowed to live in the rental unit.Maintenance and repairs: Clearly outline the responsibilities of the landlord and tenant for maintaining and repairing the rental property.Subletting: Outline the conditions under which the tenant may sublet the property, if at all.Eviction clause: Include a clause outlining the process and grounds for eviction, in case it becomes necessary.Insurance: Clearly state what type of insurance is required and who is responsible for obtaining it.Pets: Outline any pet policy and any associated fees.Smoking: State whether smoking is allowed on the property or not.In addition to these standard terms, you may also want to include some non-standard terms that have been proven to reduce risk, hassle and property maintenance issues, such as:A clause that allows you to enter the property for inspections or repairs with proper noticeA clause that limits the tenant's ability to make alterations or improvements to the property without your permissionA clause that requires the tenant to maintain the property in a certain condition and return it in the same condition at the end of the leaseA clause that requires the tenant to pay for any damages caused by them or their guestsA clause that allows you to terminate the lease if the tenant violates any of the terms of the lease agreement.

There are a couple other components, separate HVAC systems must be in place with no shared ductwork, to illuminate sound transfer between the units, also the smoke alarms must be tied together between the units.