Don't just find out how it's all licensed and check on any historical issues with it, no you want to meet with local board members, find out how they really feel about the place and what the cities wants and plans are for the place.

It provides an opportunity to see what's happening in the units.You still have the ability to evict for lease violations, but your less likely to face non-payment issues. 

My biggest issue is just choosing a place I want to live with a solid market for real estate.

I've asked my clients a similar question and have developed tools for them to minimize this, but I find there are a few different types of clients.Manager managed - these folks have no issues as they simply upload their year end statement from their property manager, their 1098 mortgage statement and any other one-off expenses they may have paid for outside of the management company. 

He makes sure we maximize all deductions and have no issues.

We manage a property that was having drain field issues for awhile, got estimates and had the owner approve one of the vendors.

The issue is cost.

Basically, these are lands that technically qualify as Sending sites, but that have issues such that nobody really wants to build there.

We have become good at it, by simply issue a 3 day letter to pay rent or quit.

If there are items of value left behind, or even personal items of sentimental value, I will follow the abandonment rules to a "T" to avoid any legal issues.