Regarding higher costs for tenants, we inform them they can turn down the thermostat(s) in rooms that don't need heating during the day (bedrooms) and those savings can help reduce total heating costs to tenant.If you do not use the furnaces in basement, be sure to run a heater or two down there to make sure pipes don't freeze--winter is only a few months away.

The typica test includes a magnometer (super duper metal detector) as well as looking for signs of a tank (vent or fill pipes, cemented over holes in the foundation wall where the lines came in, etc).

If you get an accept offer, go into DD, find out if the utilities need to be repaired or replaced and adjust your price based on your options (full replacement, pipe bursting, patching, ect) to get you your required return.

Felt like I needed to pipe in about Fremont since Mike M. beat it up.

Cast iron piping is an expensive repair or replacement too.Retrofitting old windows and HVAC are more costly too.I would recommend hiring an experienced property inspector who is familiar with older homes.

Having the renters policy name you as an Additional Insured would push your initial loss onto their limit but should their coverage be exhausted, you could still be facing a loss. 

pretty much assume that you will be gutting it to studs if not more... electrical can melt... pipes... 

Presence of Asbestos (pipe wraps, tiles, etc.), Radon, or other environmental issues10. 

Sometimes issues just do happen, I've had to get some work done on places I've bought as well due to unfortunate circumstances - diverter valve replacement, laundry machine replacement, toilet piping recall that sent parts but had to hire a plumber, etc. and you can either keep on going, hire someone else to manage the property, or sell the place.You say you're willing to put in the work and aren't afraid to put in the effort and that mindset will definitely help you.

Never drained house pipes.