I would also review with the agent what types of safeguards the companies will expect (Hard wired smoke detectors, Central station alarms, extinguishers, etc.) as some of that will be cheaper to do during your rehab rather than laterIf you lease the commercial space out to certain businesses you may have to comply with additional codes. 

Purchase price: $1,900,000 Cash invested: $1,700,000 Put in Smoke Detectors (there were none...seriously), CO detector, cured raw sewage in the basement, etc.

Reed's 'BS Detector of Gurus, etc.' should help you decide if it's worth pursuing.

we do annual- we check smoke detectors, check under sinks for any leaks- kitchen included. 

In Calif with a licensed MFU 5+, the fire marshal requires working CO+Smoke detectors and annually replaced extinguishers.In 2013 a cigarette lit the couch on fire and we suffered $95k damages. 

I have removed the non-paying tenant, and now two great tenants with good jobs and are very handy (they do all the repair labor for me; I just pay for materials) live there paying $700/month (this is a bit below market, but I'm OK with that since they help me out with repairs).My plan is to keep on doing some necessary repairs--just cosmetic stuff like replacing the broken blinds and replacing the smoke detectors, etc., since there's nothing major that needs to be done (otherwise I would use contractors rather than the tenants)--and then sell it to a local investor for $85,000ish who wants cash flow but doesn't want to go out-of-state or just refinance and keep it as a cash-flowing rental and then use the money from the refinance (or the sale) to, depending on how the market's looking, collect additional cash-flowing properties in the Antelope Valley or simply sit on cash until we have another correction.  

For example, you manage your own property and there is an issue with the smoke/co detector in the furnace room of a 4 unit building you own.

Well we were over there the other day to replace all the batteries in the smoke detectors and noticed that it had been removed...Besides being rough on the apartment, the other tenants have told me that he's yelled at them numerous times, slammed doors right before they could get to him, etc.

While you are examining heating, plumbing, electrical, smoke/CO detectors, weatherization, locks/doors/windows/screens, appliance function, etc, keep an eye out for lease violations and how well they take care of the unit.

We also charge a $50 fee for unauthorized occupants, unauthorized changing of locks, smoking on premises, tampering with the function of smoke/CO detectors, tampering with the electrical system, tampering with the plumbing system, tampering with the HVAC system. ]I'm worried that the carpeting, which was new, will now need to be replaced, but of course I will not put in carpeting again, I will likely do tile or laminate wood.