Install instructions usually give a maximum tolerance for uneven floors.

Just like any investment, it depends on your risk tolerance and your ability to withstand the pain at least on something like that.

(Unless perhaps the title insurance policy, which I don't see, has exceptions for the violations)@Jay Hinrichs, we had a major issue that no one seemed to want to insure our tax lien foreclosures.

They issue title insurance, before a policy can be written, the title must be searched  or running title is also an abstract of title.

I am purchasing my first investment property in two weeks and was wondering what are your top 5 rules/policies/terms that you like to include in your lease agreement (that aren't found in the typical lease agreement)?

Is this your policy or is this the current landlords policy?

If you buy the reo thru your broker as an agent it would be up to your brokers policy if he pays you a commission Once you acquire the property you can list it and sell it and collect both sides of the sale,again according to your brokers policy

It really depends on your risk tolerance.

How have you dealt with insurance companies holding policy on the property? 

Buy an Umbrella Policy with the amount of money you'll save by not refinancing.