Joists which have been "notched" or completely cut to accommodate some "update" can create severe structural issues causing leaning floors and tight doors.Others have already mentioned asbestos/lead based paint issues, however you rarely see remediation costs mentioned...they can be VERY high, and the fines for violating Fed/Local EPA laws can start at $11,000 for a first violation.

This will cut your living expenses dramatically and you'll be building equity with an appreciating property. 

You get in the game of property ownership at the expense of being house poorer, which would cut down your savings rate from where it is now. 

If they arnt, just cut them off. 5) Ride it til it dies.6) No one opens their windows anymore.

Quote from @Tom Gimer: @Jay Hinrichs From some recently advertised terms of sale in DC:"Purchaser will take title to the property subject to all real estate taxes, water and sewer charges, and any other municipal or utility charges senior in priority to the Deed of Trust, if any." there ya go clear cut.. in the State of Washington you cannot transfer title without prop tax's being brought current..

I would argue that if it's a multi-family unit, at the very least you should be able to have your mortgage payment cut in half by house-hacking which is still a sweet deal. 

@Jerryll NoordenReading your response fuels me to wanting & DOING more.

If I had 4 hours to cut down a tree I'd spend the first 3 hours sharpening the axe.

If it's not huge, well then maybe best to do exactly what you said, and leverage your super host status on another deal and move on as cleanly as you can.Can't the property owner just file the permit for you and you pay him an additional cut? 

That said I would like to remain anonymous as a landlord, and a sole proprietorship won’t cut it.