Flood insurance has gone up considerably and is making it hard for buyers to use FHA or some conventional loans. 

If you are adding plumbing that low you are likely to need a discharge pump for sewer along with other considerations.

Worse comes to worse, you could always hold onto their application and let them know you will keep in on file for later consideration. 

Negotiating with the current landowner is possible, but the terms and potential costs are critical considerations.

This is a short term consideration as you work through our issues.

A huge consideration is that this sale will conceivably save you 6% or so in real estate commissions. 

This is something that has been considerably undervalued in the wholesale community and when you bring the right kind of consideration to your deal it will add the professionalism you need.

I am trying to create a 100% pass through legal entity that will not be subject to any taxes or obligations to pay anyone within the entity a salary.  The purpose of my entity is to club together several investors and...

@Nathan Gesner is correct: getting good landlord education resources is helpful to educate yourself on the variety of legal and practical considerations of property management.

However, older instances are to be considered more holistically, suggesting a more lenient approach to past financial or rental difficulties as time passes.Exemptions and Protections:Certain properties, particularly older houses that cannot easily be brought into compliance with current codes, are exempt from some source-of-income rules, acknowledging practical limitations in applying these rules universally.Landlord Liability:The ordinance provides protections for landlords in terms of reliance on third-party information to reject a tenant, mitigating potential legal risks associated with tenant selection processes.Fair Housing and Legal Compliance:All considerations of prospective tenants' applications must align with fair housing laws and other state and federal legislation, reinforcing the ordinance's compliance with broader legal standards for housing discrimination.