Lesson 2: thoroughly vet property management before bringing them on, make sure they are up to the job you have for them; and be willing to pay well for quality management.

This is a risk that is mitigated with a thorough inspection.  

I'll definitely compare thoroughly pros and cons on both building vs buying an existent property!

If you are self managing, it is imperative that you are doing a thorough risk management assessment periodically on your property, and making repairs to anything that is deficient.  

Armed with that information, the assumption was that if they are so thorough about yearly inspections then they would've highlighted any concerns. 

The short answer is yes for both if you can find it and it gets you in the door.I'd just be very thorough in understanding the lease option language for you personally.  

The last thing you want an employee trying to do in a mold situation is trying to save you money by leaving some mold to paint over and not doing a thorough examination.

Be sure to shop the Private Market flood policies thoroughly if you cant get the property out of the need for Flood Insurance. 

Just thoroughly look around if you choose this option.

This makes sense because you need to get possession back in order to thoroughly inspect the condition of the unit as returned -- at a quick glance, it appears that TX has the same requirement.