I was not aware that a manual pull station is required, but I've confirmed with the fire department that in mixed-use buildings, a pull station is required that is hardwired to sound an alarm in the rental unit(s). 

That wouldn't require a license, BUT if you do poorly with managing the property you could lose money!

If so, most states require you honor those terms until it ends.

Most multifamily in our market sold for a 5.4% cap rate in 2023, and that would price it closer to $560,000.Other things to consider for your offer: FHA financing requires you to move in within 60 days of closing.

"If the tenant requires early termination of the lease, rent and deposit are nonrefundable"c.

It's a long term game, but it does require being active (especially in the beginning).

Does this require permitting?

If your lucky in that regard you can avoid paying commissions. 

There is prequalification criteria and the programs have different requirements based on the prequalification responses.

Some may charge extra for an S8 lease due to all the extra paperwork and chasing required with caseworkers.