Subpanel with fuses and aluminum wiring 1940 home - safe?

[Warren A.]

I closed on a single family home in Little Rock, AR in mid May 2021.  It was built in 1940 and is ~1700 sq ft. The tenant is a Housing tenant (section 8) , has not moved in yet , but has passed the Housing inspection.   Below is a snippet from our 3rd party inspection report noting concerns due to the subpanel having fuses and some aluminum wiring.  I am not an electrician but everything I have googled and searched on BP mostly suggests that fuses and aluminum wiring are not as safe as breakers and copper wiring.   

I have insurance coverage but am not sure our insurance company is even aware and afraid they could deny claims in the future if a fire is sourced to that subpanel with fuses or aluminum wiring.   The seller offers a 90 day warranty.   I have a good relationship with the seller (I have other properties managed by them) but in this case, I feel I've had to follow up a few times to get a 2nd licensed electrician to offer a 2nd opinion.  A second electrician has finally contacted me yesterday, we spoke on the phone, and I shared the photos and a brief description so far.  Initial reaction from the second electrician did not seem too concerned but what we agreed for next step was for me to send him the inspection report  (sent yesterday July 2) and we would go from there.  Side note: I went to electrician website and do not see a license # (red flag?) .  So now waiting for his evaluation.  Lesson learned to not agree to close until all punch items are closed.

My question to BP community.  Based on above, are the fuses and aluminum in this house a real concern ?  Suggestions on how to handle?

Inspector report:

Below is response from 1st electrician stating fuses and aluminum are safe. 

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