Check for foundation cracks and standing water around the outside of the house.Other than that just look at anything that might keep you from getting the max amount of rent for that area.

Home was built in 1900 but sat on a block foundation.

That’s a solid foundation, and you’ll figure out the rest.

If you do everything properly in running your LLC, such as keeping separate business and personal bank accounts, not co-mingling funds, not dipping your hands into the business account to buy person items, tracking meeting minutes and resolutions, etc. then theoretically if you are found at fault the judgment would be limited to only assets owned by the LLC. 

After I had an inspection done and found there were foundation issues, the seller agreed to negotiate down a bit more to compensate the costs of foundation repairs.

I happen to know the property as I drive by often and am aware it needs some foundation work, which can cost up to $10,000.

Inspector recommended getting an engineer to check out the foundation. 

Developing that trust with someone you don't know may seem like a challenge, but if you approach it correctly, you should be able to achieve a pretty solid foundation of trust.The best way is to talk to others who have had an experience investing with the sponsor already.

My major ones are:- Foundation & overall structure (termites, sink holes, evidence of water damage/mold)- Roof needs to be replaced every ~12-15 years so if it hasn't then that will need to be done- AC - 50/50 shot if over 10 years old.- Look at plumbing - copper might need replacing & polybutylene pipes need to be replaced- Had an insurance company refuse to insure a property with a water heater over 10 years old...- If houses really old you want to make sure that the Electrical Panel has been updated or you will have to in order to get traditional mortgage financing or sell.Also check on sex offenders and school ratings if the target market for the area is people that have kids (I check before I make an offer). 

Once you start to do an addition, add a foundation, drop a slab, reconfigure the existing structure, and so forth is when the price starts to jump significantly.