There are a number of requirements that they're pretty particular about:Hard-wired smokes in common areasSecond means of egress for all unitsSelf-closing door hingesPeep hole in each apartment entry doorAll units in good condition (walls, tile, etc. in good shape)Smoke detectors and carbon monoxide detectors as necessaryExit signs (I think)Adequate lighting in common areasThose are just a few off the top of my head.

As I'm going down the learning-about-syndicates rabbit hole I'm finding it's a fair amount more complicated than I initially thought...

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Maybe would try to investigate with through the fill pipe with a borescope for some corrosion holes and cleanliness of the bottom to understand potential spill potential ($25 on amazon).Good luck!

Maybe they're cooking meth in the bathtub or subleasing on AirBnB or punching holes in the wall.

Perhaps you can consider making a monetary offer (like the security deposit) in exchange for the keys, and get her and her mom to sign a release of all claims.  

I found another rental, moved my things out, filled every nail hole, cleaned the place top to bottom, and left every upgrade there that I paid for.

For the wall studs, cut holes in the studs and fish the wires between the studs that way. 

One method would be to drill holes through the middle of the joists and rerun the wires through those holes.

Not really a material defect in itself, but a lot of people just don’t put in the extra maintenance like they should, this stuff ALWAYS needs a good coat of paint, caulking at the nail holes and butt joints, and those things just get put off or ignored because people don’t know better.