FHA is tough on a few things like "Chipped paint" any signs of chipped paint will stop financing and need to be addressed (Painted), Loose or missing hand railings, Water damage, Mold, Termites, Outdated electrical or any wiring that is exposed.FHA will also stop you dead in your tracks if the appraisal shows anything that is considered a "hazard or safety issue" and must be fixed.

I agree that if you are going to require a second check that you should pay for it. 

We require a 550+ credit score as well as a current job paystub or a co-signer who meets these requirements.

Best to contact a qualified 1031 intermediary for exact rental requirements on the named (new) exchange property.

Some counties OR cities now have additional registration requirements.  

Actively buying rental properties requires a side hustle business approach.

@Ryan Brown, I am not an NYC landlord and know you are subject to different laws than I am in Ohio.But, typically, as long as their shower head is fully functional, I cannot see any reason why you would be required to replace it for them.  

Pay Attention To Your Credit Score Although we don’t have any income requirements, we do want to know that you are on solid financial footing.

Transferring from an LLC to another LLC would require a deed and possibly transfer taxes if your area has them.

You’ll likely have a lower down payment requirement (I am sure you will but as an attorney I am always skeptical of making and relying on definite statements, especially where I don’t know all the relevant facts).