Lastly, and probably the most important item is going through the Condo Docs and operating budgets and all that.  

Just because you provide a stove and refrigerator does not mean you are required to maintain and/or replace those items.

On the loan I am referring to today, the home had been significantly renovated and there were items the appraiser noted that had to be fixed prior to settlement.

All items from IRR, to plans, to any utility upgraded you will be responsible for to meet the CURRENT "CODE" for all trades , dirty work aside from demo, drainage is ALWAYS a major concern and will require engendering, will you have to install and or improve of site land or hardscape, disability access requirements, and a number of other factors.....

We have a Bldg in Arlington Heights that one small item lead to years of addressing small issues and tenants getting business licenses and inspections thru the county.  

They called us on the 6th of October wanting their now abandoned items.

Look at R312.1 item 1. 

With the recent outbreak of marijuana paranoia by uneducated people...I'm wondering how many, if any, allow smoking (cigarettes) inside your unit?

Tenant Pays that let the water overflow onto the floor, You get bids for repair, may or may not be an insurance related claim, you could check, does your renter have renters insurance, maybe they could file claim with their insurance.Take photo's and your gonna have to work with tenant living in damaged unit, so be prepared to be asked for rent reduction for days of inconvenience. and clean up of their items. and this should be part of what's included in costs in my opinion. 

Several outfits only offer the inspection.They should be licensed in Indiana through Professional Licensing Agency, carry General and E&O insurance, send you digitally documentation with photos and videos, and offer other items as part of the inspection package.