I assume these systems were mostly updates of old octopus systems (fully gravity fed).Local HVAC guys suggest leaving as-is unless someone wants to put AC in - but if we can avoid limiting the (future) borrowers to non-conforming products, that would be good!

@Daria B  the area where we want to be is very limited for any real estate for sale in my price range.  

I think at worse it is a long term stable area with limited appreciation but I don't expect depreciation.  

I've found the HUD inspections to be very limited, and sometime even incorrect.

Elderly investors should have some test for sophistication and/or limits on investing (10% of wealth?).

One issue giving me some concern is the limited opportunity to force appreciation with this property. 

Now I am looking to shadow an experienced investors from the Pittsburgh area before I start making deals and try to limit some mistakes that come with investing in real estate.

Based on my experience, the Fannie Mae DTI ratio limit of 36% is not so restrictive.In your scenario, you are expecting to live off of $5k a month ($60k) a year and that does not take into account things like maintenance, repairs, PM fees, etc that will eat into your passive income.

The property in question is a SFH, needing new flooring as a major repair and also several minor repairs such as hardware, cracked tiling.

A trust does not limit liability but it does provide anonymity, which may be just as important.