As an owner, you are expected to be very proactive in safety and risk mitigation. ie BUY LOTS OF INSURANCE. 3.

I work in NYC and my wife works in Exchange Place, so it seems to be the best fit when looking for the best value in a neighborhood with trains, safety and parks.

It's a good device to have for your tenant's safety anyways.

My dad owns the largest blind manufacturing company in Michigan and he was sued a number of years ago even though every blind he sells has a safety pamphlet and child safe cords.

Just a couple of ideas:Sell the sizzle, not the steak:1) You are providing a home, safety and comfort, so sell it as an opportunity to spend family time and experiences together in "their own home"2) There is room to "expand" and add a bathroom.

If you are taking out 15 year loans, then your are prioritizing mortgage pay down over high cash flow. 

Lease Options are great when you want the RIGHT to buy the home but not the obligation.... there is some safety also in options in that regard. 

He's a proponent of fat tails betting, betting on convexity, and barbell application (heavy on safety, small punt on crazy risk).

I'd be more concerned from a safety perspective that there is no fire break between the units in the attic. 

Again, Building Code is under Public health and Safety, that means violation of such is legally a violation of Public Safety.