The question I have, what is the common practice in this case related to the lease agent fees.

Again, would you mind explaining your rationale since I have read it's common for contracts to be 1-3 years.4.

If it’s common meter, budget for it, monitor it, and pay for it yourself.

@Jasraj Singh that's a common misperception.

While I'm sure you got the answer you were looking for already, I just wanted to hop in here and let you know your question is more common than you may think, so don't feel as if it were a bad one.Happy investing, and I hope to see you around the forums.

Basement: Inspect beams and other items for wood destroying pests, check foundation walls for mold, look for evidence of sewer backups, check emergency lighting through common areas, check water tanks. 

Typically in markets in that price range people aren't willing to sell for that far below market and investors are willing to take lower returns than elsewhere, at least that is the case in CA where prices like that are fairly common.

Single family BRRRR is a different beast than 5+ unit commercial deals where there's more moving parts.It's common to waive inspection on single family that you buy cash but not so much on apartment buildings.

I noticed you have a common thread here, as in "...the fault of the owner (tenant)...".Trouble is, it's not the pet you rent to...the lease is signed by the tenant.

The most common updates, just to modernize, are bathrooms and kitchens.