In no way am I an economist, or would ever claim to understand the true depth in being able to speak on these subjects, however I would estimate given the current economic climate that investing with appreciation as your primary source of growth would be a dangerous investment.Perhaps this is a showcase of my own lack of experience, but I would rather invest in safer cash flowing assets until we see the economic correction everyone has been preaching about. 

I can think of a couple on situations that should not be grandfathered, like a vent pipe open to the home interior or dangerous wiring. 

The danger you have is that if the city ever bans short term rentals, then you will likely be losing money since you won't be able to get long term tenants in it at the price you need.

But I've helped do lots of paperwork and field visits with our electricians, electrical inspectors, and utilities...which means I know just enough to be dangerous! 

I know that San Bernardino is a pretty dangerous area.

If all owners (meaning all heirs, if the assessed owner died) sign quitclaim deeds and all lienholders either release their redemption rights are have failed to redeem during the period of one year after you send them certified mail return receipt request notice, then there are no more redemption rights and you are not in danger of losing the property."

Not only was I a single female in danger every time I pulled up the the house, but I had no one to help me with this project.Then, I met an investor who actually grew up on the very block who had about 30 properties in the area.

Unless your attic spot is inherently dangerous with known asbestos or about to fall through. 

You will need to learn the local answers to your questions about this potentially dangerous area.With my last purchase on the courthouse steps my attorney told me someone could've filed a lien on the property AN HOUR before it closed and I would've been left holding that bag.In another example, around here a tax sale wipes out all previous liens EXCEPT for the IRS which has 6 months to show up and surprise you.Point being it's more or less different with each locality, and each entity doing the selling.YOU must become the expert in this area, just like you previously became an expert as a LL.Find a local attorney who specializes in RE, pay him his hourly fee and sit down to learn the ins and outs of your new chosen niche.

that sounds dangerous..it's good that they pay the landlord for their portion, but you basicaly divide it by 4 tenants correct?