Some may require a waiting period of one to two years before leasing is permitted, while others may prohibit rentals entirely as outlined in their bylaws.Always know the property’s potential for annual rental income and ensure the numbers work.

You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame.

Both these properties have mortgages and they both are required to have insurance on them.

Mainly the panel is in the basement and it would require a ton of work and paying for labor hours + repairs. 

You might covenant no water sprinkler systems or require them to put in a Cistern well system. 

However if you had done a warranty deed (or a special warranty deed if you still have a mortgage on it) instead, your LLC has a claim against you for the issue on the title, and you in turn can go back to your initial title insurance to fix it.Some title insurance will allow to transfer the coverage to an LLC that you own 100%, but not all of them do or they may require an additional fee.

Yes, sewer clean outs are required on new construction, but on a 1947 rehab house that didn’t have existing clean outs, is it really possible that I can be required to install them?

However, one nice thing about this community is a one-time cost and it doesn't require additional payments.

My advice is to require them to pay the full balance upon the next payment.

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.