Just objectively look at what kind of sh*t can hit the fan and make sure you are okay with that possibility.

wash, wash, killz, paint. there are also ozone machines/fans that eliminate smoke/smells. many contractors have them. not sure they exact name. you can rent them..

He is motivated and not looking to landlord,but also not in rush and happy to keep collecting rent until the other shoe drops.

I'm a big fan of low-capital investments.

I replaced all the light fixtures and fan fixtures, and re-did much of the plumbing in the kitchen sink and bathroom as well.

A licensed contractor is required to obtain permits in the following situations: General maintenance and repairs exceeding $500 in labor and materials for projects modifying a building's existing structure in any way (including tile, wood flooring and marble);Any electrical work, including installation of ceiling fans;Replacement of an air conditioner unit;Installation of a water heater;Changing a toilet or a sink fixture.

No way.Did I mention I'm a fan of month to month leases?

Yes I need to cut down another $40 from the NOI.I am also not a fan of the HOA.

I am not a big fan (unless you can afford the potential mistakes/risks )of your potential deal/risk it sounds like you are taking.

I tried to convey certain information, so that they can picture themselves in my shoes.