I did hear them fire a gun during a dispute with some guests recently and caught it on video...City officials didn't even respond to my email about the footage where you can clearly hear the argument and gun shot (maybe it was a blank?).

Unfortunately, there's no sure-fire way to eliminate that. 

Lots of cosmetic stuff + fuse box appears to be outdated (fire hazard).

His lien position would be insured by the lender’s title policy and he will be protected against fire and other hazards by your hazard and liability insurance policy.

The only things I would've done differently are 1. do one more level of detailed due diligence that I didn't do initially (but the challenges that gave me were short-lived), and 2. fire property managers sooner when they stop performing (while hiring new ones).

All that "liar, liar, pants on fire" stuff isn't worthy of your time or attention.  

If the property is vacant for more than 60 days you need to  contact your agent to see what options you have in case something happens like a fire.

Probably.Any kind of fire alarm required?

A big thing I did when I went from retail direct lending / mortgage banking, to wholesale brokering, was basically firing all those useless people.

my wife acknowledges the benefits, but would rather have a larger nest egg or S&P liquid investments vs. commercial real estate, so I basically have to double up savings before firing away.Bottom line, have to communicate and decide on a compromise investment strategy that is sustainable for the long term.