I just bought a small 2 bed house that has a large wooden shed in the yard for storage.  I am sure that in the summer wasps will b e building their nests all over this thing.  If that happens is it up to me to go over there with my can of wasp spray and deal with it, or do you all let the tenants handle this? 

Depends on how your lease agreement is written. I know some landlords that make the tenant responsible.. If you don't want to deal with it, then make the tenants responsible.

Yes, I agree with Lee. Our leases specify that any sort of pest control is the tenants responsibility. This is especially smart with a single family home.

Check your state laws, too, about whether or not tenants can withhold rent based on habitability issues - and if that includes pests.  My thinking is that if the tenant is too wimpy to spray a wasp nest, it would be best if you just go ahead and do it.  They couldn't claim later that their rent should be abated because they couldn't use the yard, or come after you because their kid got attacked and stung.

The tenant might just go ahead and deal with it.  I always did - and heck, I'm a girl :-)

You definitely want to make sure that's their responsibility. You can't go over everytime they see a bug in the house.