Make sure you have an experienced inspector who also will give you an indication of life span for major systems.I'd create a sophisticated spreadsheet with as many costs broken out as possible. 

At least one window is broken out. 

I have kind of assumed the city is broken in the four corners. 

If the property has any issues that would cause someone to not be able to live there (roof, plumbing, broken windows, holes in the walls, etc.) those items would come back subject to repair on an appraisal and need to be fixed before you can get any type of mortgage financing.

So what if your tenant calls you while you're on vacation and says the heater is broken? 

@Jamie Hall  Ask the following questions to all potential brokers (in addition to commission splits, fees, etc.)  1)  Who will be my mentor, what is his/her experience in total # of MF transactions broken into buyers/sellers, how available is he/she, and what expectations (if any) will he/she have in return for advice (beyond commission split)? 

These will be broken down by members, deals, etc... 

Assuming i don't have expensive tools go missing and broken windows, then yes i'd say it's worth it. 

They total upto $1.5 million of rental assets.How do I do asset protection against any lawsuits, especially in a tenant-friendly state like California.Actions Taken:- I have broken them down to 2 LLCs (3 properties in one LLC, and 2 in another).- I have Umbrella policy of $2 million.Ideally, I'd like to have 1 LLC per property but California LLC are one of the most expensive in the country.Can really use your help and inputs!

Along the way the GC and subcontracted plumber mentioned numerous times that they found great news or thought of more efficient solutions (i.e. the mainline plumbing under the basement was intact--that they had assumed was all broken and needed replacing).