The key on those real beaters is knowing when enough is enough because you can always find something to redo but you're probably aware of that.

In case you weren't aware :) from analyzing the purchase of this building to now :)

The things you should definitely include, and be aware of, are smoking and growing, which you can definitely include in your lease and enforce.

They create a lot of brand awareness for the we buy houses process and I know I benefit from the people that go online and research this more because they end up finding me. 

I thought you knew of some kind of magic loophole or something I wasn't aware of. 

Your mortgage broker should really have made you aware of this before you even tried buying a REO with a FHA mortgage.Delays are also par for the course with REOs.

Also do you have a checklist or similar that you give the new tenants that they fill out within a given set of time when moving in that allows them to make you aware of any areas/problems that you may have missed during the make-ready?

Anytime I acquire a property at a HUGE discount, I get a waiver signed from the seller at closing stating they are aware of below than market value but it's in their best interest due to either time constraints , condition of property, or impeding situation such as foreclosureJust another paper trail to CYOA

Many resort towns have this sort of tax, something to be aware of that could nix your profit.Also something to think about is condo HOA fees. 

Be aware that children naturally make noise, so have in place guidelines the family must follow to maintain the neighbors' peaceful enjoyment of their homes.