Appreciate every ones feedback.

In regards to a building and pest inspection I didn't get one done. Reason being i intend on developing the site in the near future. Its almost 900m2. There is a solid brick 60's home on the site with a year long tenant in place. I guess as long as it doesn't fall over anytime soon Im ok. I called the current property manager, she adivsed me that they havent had many maintenance issues of late. I hope i made the right choice 

Great thanks for the responses guys. I will def look into Landlords insurance. Pardon my ignorance but I gather LL insurance protects against damage and loss of rent. Would anyone recommend certain insurance companies and policies?

thanks appreciate it