Continuity mistake: When Marcus Burnett drops Julie Mott off at Mike Lowery's apartment it's dark outside. When he leaves shortly after, there is daylight outside.

Other mistake: At the very end of the movie Mike has the bad guy down on the ground and he's got his gun in the guys face, we see a shot looking straight up the gun barrel with Smith's eyes over the top of it. If you look at the barrel of the weapon there is a little point of light at the back of the barrel. This is caused by sunlight shining through the firing pin hole in the back of the chamber showing that the gun has no round in the chamber. (01:51:20)

Continuity mistake: When Marcus wakes up towards the beginning of the film, he knocks a Florida snowglobe and some other stuff off the top of his alarm clock. In the next shot, the snowglobe is back on top of the clock. (00:09:30)
Continuity mistake: The kegs of ether in the truck have hazardous material labels applied to them. These are diamond shaped labels that indicate the class of material in the container. Throughout the chase scene they alternate between Flammable Liquid labels (solid red) and Flammable Solid labels (half red, half white). (01:10:45)

Continuity mistake: Mike and Marcus go to meet Sanchez and Ruiz on the steps, Sanchez is sat down holding a doughnut (or something) in his right hand and a coffee in his left. A few seconds later, when talking about bongos, there's a close up shot and the items change hands. Back to a wide shot when Mike and Marcus enter they switch back. (01:41:30)

Continuity mistake: When Julie takes the key for the handcuffs from the cupboard at Mike Lowrey's apartment, she puts it down her right side. When she unlocks herself at the end in the car, she takes it from her left side. (01:26:40 - 01:39:35)
Audio problem: When Mike and Marcus are driving in Marcus's car, just before they sing Bad Boys, in the shot over Mike's shoulder we see that what he is saying does not match the movement of his mouth. (00:22:40)
Suggested correction: But Will Smith is not speaking in that shot. Martin Lawrence is saying something corny ("I'm a baaad boy") that is the cue for the song. Smith is just mouthing under his breath.

Revealing mistake: When the two ladies go to the party relatively near the beginning, one goes off to the toilet. The other one gets shot (through the cushion) she then falls back on a coffee table which completely shatters before she even hits it. (00:26:10)

Continuity mistake: At the party scene in the early minutes of the movie, the bad guy who calls the two women to his place to "party" is shot once in the knee. Blood spurts and a gaping hole is made in his dark blue pant's leg by the bullet. Seconds earlier, the black hooker is shot three times. Where are the three gaping holes and blood on her solid white dress? Ah, there are none. (00:26:00)

Revealing mistake: When the computer is being hacked and the password and/or code for the database is shown on the screen, most of the display is for an Autodesk printer driver. (01:39:00)

Continuity mistake: When they're in the basketball court, Will Smith marches over to Martin Lawrence, saying "you left a strange hooker in my apartment?" He's holding the ice pack in his hand in the wide shot, but in close-up it's not visible. (00:48:55)

Continuity mistake: When Mike and Max are talking in the equipment room, the clock behind them reads 3:27:40 twice - once before and once after Marcus drops the weights on his chest. (00:16:55)
Other mistake: In the Ether truck chase, Marcus is driving and turning the wheel excessively, however the truck remains on a straight path. (01:07:35)

Revealing mistake: In the mad taxi sequence, there is a shot of the taxi with sparks shooting out. If you look closely you can see the device that made the sparks. (01:37:00)

Continuity mistake: During the shoot-out in the lobby of Mike's apartment building, Chet calls 911 to report the event. In the first shot of him he is holding two dogs and in the next shot he is only holding one dog. (01:34:33)
Audio problem: When the bad guys attack the main girl's house, one is heard to be pumping his shotgun between shots. The gun is a SPAS-12, and the pump-action is only used when firing non-lethal rounds; otherwise it fires semi-automatically.
Visible crew/equipment: When Marcus is driving and Mike is saying that he is driving slow enough to drive Miss Daisy, when the camera is facing them from the driver's side you can see where the camera is attached to the driver's door. [This may only be in the full frame version. In the wide-screen version, the frame doesn't show any of the door, just the top of the wing mirror.]
Continuity mistake: The taxi leaves the scene with a left turn. You can see it is missing the front hubcap on that side, but it was in its place just moments before; no further crashing happened. (01:37:25)
Suggested correction: The taxi's front left hubcap does not suddenly go "missing" between two shots. The reckless taxi hits the median island (sparks in this shot), hits three metal trash cans, and slams into a car. It's quite plausible to accept that, due to these jarring impacts, even though no further crashing happened the left hubcap has already been jostled loose; so during Martin Lawrence and Will Smith's iconic close-up shot, there is sufficient time for that hubcap to fall off while the taxi is off-screen.
I never said it was from consecutive shots, just that there were no other collisions. It didn't look loose in the slightest after all the collisions you mentioned. The last time we see it on screen, it is actually hidden by a fender that is not supposed to be there because of another mistake already reported, so we could say that is part of that other mistake, if anything.
Even though "there were no other collisions" that occurred, within the scene it's a reasonable possibility the hubcap could have been loosened by all the impacts from moments before. And the problem with stating "it didn't look loose in the slightest" after all the collisions is that a loosened hubcap can sometimes be completely unnoticeable visually while the vehicle is in motion. The hubcap could have fallen off as the taxi is driving away, while off-screen (blue fender shot notwithstanding).
Other mistake: In the film, Lawrence and Smith's characters are Narcotics detectives with Miami Dade Police. There's no way they should be at any homicide investigations. Narc and homicide are totally two different units within law enforcement, so it's unlikely narcotics units would be at a homicide scene. Being the scene where they're investigating Smith's friend getting killed, and then they stumble across the dead body at the mansion.
Suggested correction: The captain called Mike and Marcus to the scene to help because it appeared related to the missing drugs. They were there to find leads to the missing heroin.
Yes, that could be correct, but the chances of that happening are slim to none. A captain from Narcotics wouldn't even have authorization to call his detectives to a murder scene to help out homicide detectives working a murder. Any information or clues would be collected and shared with other units or agencies if deemed appropriate.
Factual error: There is absolutely no way that Internal Affairs would have any authority or power to shut down an entire police force because of stolen drugs. As in the plot of the film, that type of decision would be decided by the city council on a vote and approved by the mayor. In any case, an extensive investigation would take place and the culprits would be arrested and prosecuted. No police force would be disbanded because of this absolutely fictional scenario.