@Daniel NishiguchiIt should be stated in your lease anyways that the tenant is liable for all people / guests they have in the unit for accidents damages etc .. you can’t take a persons second amendment rights away because your scared of guns bro

Do find out about fire suppression though, that could be an unexpected $250k on a $300k building.

For example, my lease states that if the  “Premises are totally or partially damaged or destroyed by fire, earthquake,accident or other casualty that render Premises totally or partially uninhabitable, either Landlord or Tenant may terminate this Agreement by giving the other written notice.”

This was unexpected.

If you are willing to take the risk of no inspection and the reward for waiving is a satisfactorily-reduced price, and you have the funds to pay for an unexpected repair, then go for it. 

Accidents happen and there isn't necessarily a boogieman. 

Another--dad gets in an accident and is sued. 

The emergency reserve, typically calculated as a number of months of PITI, is there to cover unexpected financial shortfalls or urgent repairs.

THAT and when we finished everything we had unexpected urgent medical expenses that we needed to use some of the HELOC for.

I know you could have bought Phoenix at a 12% cap rate, but let's be honest, NYC is where the biggest guys play and that's not an accident.