No legal hurdles I am aware of for a small private lender (no underwriting standards for YOUR risk tolerance) but I am not a lawyer and speaking only to my experience. 

First and foremost, its important to consider the risk managements aspect of insurance as to where your risk tolerances lie. 

With many of the properties I've examined here, all having a negative cash flow I'm sure some investors that have a decent reserve or higher tolerance for risk might still purchased due to that bottom line after filing taxes.

As a direct spray I do like using rubbing alcohol ( high alcohol content) in a spray bottle , a little more natural  and tolerant then store sprays 

monthly inspecton is simply stupid, you should not need to enter every month to see what's going on.At the most quarterly, furnace filter, in winter, screens, in spring, AC unit in summer and Storms in Fall are good reasons to get in,, besides smoke detectors which are annual city required inspection to do .I wouldn't want to be bothered by a owner every month if I were a renter.Yes at the time you do see something not being properly taken care of or used, you give them instructions, if it'd damaged fix repair, and charge them if it's their fault.If they are abusing the property give them notice that misuse won't be tolerated and could be reason for non-renewal... this is where pets are big items..and those tenants need more directions. if your not smart enough to go NO pets..

(this helps with the cops, simple college trick)4. at any point I want to be able to check IDs (student or otherwise) Underage drinking has less than a zero-tolerance..

How many negative lines or collections will you tolerate?

Positivity only, I will not tolerate any form of disrespect on my post. 

Inherited tenants are best gotten rid of in most cases so your best option is to hang in and simply non renew at the end of her lease.Late fees do not solve a landlords problems or make tenants more tolerable.

Exactly where we properly lie on that scale is based on our individual risk tolerance, our own expertise and competencies, drive, and our time devotion.