Don't forget to get insurance on the property asap.

If you put 25% down your paymebt would be $850 to $900 p&I, taxes and insurance would run about $300 per month, I doubt he pays for any utilities except you'll have mowing and maintenane plus a potential 8% vacancy rate.

Now you also have title chain, insurance and DOS risk on top of business risk.

Apart from the mortgage, I would need to pay the homeowners insurance ($2,000) and homeowner's association fee ($500). 

My insurance went up about 3 times when I switched from standard property insurance to a STR policy ($1,200 a year to $3,400 a year).

Do you have E and O insurance to protect the agent?

When they do this, I set aside the appropriate amount for maintenance, capex and taxes and insurance.

If it were mine, I would pocket any insurance money and dump the property.

As a tenant I’d personally take more pride in having a steady funded auto-withdrawal for my monthly rental rather than getting dragged to court as if I got nothing better to do with my life.

It's common for commercial properties to make the tenant responsible for taxes, insurance on the building, maintenance on the interior, etc.Just keep in mind additional requirements may be enough to scare them off.