Life is good, I wish you good health.

What is their age and current health like? 

It is like having health insurance for your property...you pay an annual premium (say $600)...and you pay a "co-pay"/service call fee (say $75) when something breaks and they send a contractor to fix it. 

Normally used on 203(k) renovation mortgages (eg, where you are financing the reno costs), but just like a cash buyer can still hire an appraiser of their choosing if they wish, someone doing renovations with cash can hire a HUD Consultant if they wish.Given your goals, they will walk the property and give you a work write up of everything required to do it fully compliant with all federal, state, and city, rules and regs (permits, zoning, health/safety, you name it).

It might also  give you some small amount of extra cash flow and it would be  better for your mental health.  

Some HOA communities have limited the number of units allowed and have applied a rental cap in order to maintain compliancy with FHA lending guidelines, so definitely check this outAlso, confirm the overall financial health of the HOA and even consider serving on the Board of Directors if your time allows. 

What if the handyman/painter scrapes lead paint and gets turned into the Department of Health?

I was thinking I would also provide some notes about things around the area; restaurants, stores, health facilities, etc.  

What is a Health Hazard Eviction?

She claimed health reasons, and I gave her every opportunity to work it out with me, but she never did and mostly ignored me when I reached out.