Anything below 38% for a select service property is asking for trouble.How has the subject property done on the STR report in the last 3 years? 

There is a little of a subjective aspect in lead inspections.

When a tenant vacates or is evicted, does their renters insurance policy cover liability in a lawsuit for damages to the property caused by the tenant?

Inspection concessions cover unexpected or non-disclosed problems.

I had a great conversation with @Kay Kay Singh today about the depreciation of gas stations, and thought I would share some relevant information regarding the tax laws for the general benefit of the BP community.Gas Stations (or 'retail motor fuels outlets' as they're called by the IRS) are depreciated over 15 years, and not 39 years like almost all other commercial properties.If any one of the following three criteria are met: It is not larger than 1,400 square feet. 50% or more of the gross revenues generated from the property are derived from petroleum sales. 50% or more of the floor space in the property is devoted to petroleum marketing sales.Here is the link to the IRS publication on this subject where the above words were take from.

My agent is really great and covering all of the official details like inspection and I have a lawyer for leases, etc., but I was wondering if anyone has any "gee I wish I had thought of this earlier" tips for someone about to be a newbie landlord.   

In these parts we cannot include a survey exception for lenders coverage even if a survey was not undertaken (and access is a covered risk).

If the property is generating a good amount of cash and you're happy with it I wouldn't make a big deal about the furnace and water heater - especially if the seller is covering the roof. 

Those of you who are familiar with the topic, or have gone through this in the past, do you have any recommendation to make sure that the insurance covers as much of the damage as possible?

@Joe Fairless  and @Theo Hicks just wrote a book on this subject too which I would highly recommend as well.