These inspections are often required by local municipalities to ensure that properties meet certain safety and habitability standards.

@Nathan Gesner   Many of these just cause laws hold landlords to a more difficult standard then the government holds itself to. 

I just bought an off market condo $25k below market value, fully renovated (by seller), with in place tenants who raised their rent to my standard before I closed giving me $300 per month positive cash flow. 

Model Accountability and Integrity Lead by Example: They hold themselves accountable, demonstrating responsibility and integrity, which sets the standard for the rest of the team.

@Steve Babiak Can the title company typically run that as an added service to the standard title search?

I believe most house insurance policies have a standard minimum anyway, typically $300k is the standard that comes with a fire insurance policy. 

(if I made $200k I would be taxes on 80k after taking the standard deduction and child tax credits, etc. 

Qualified mortgages (VA, FHA, conventional etc.) get underwritten to Fannie/Freddie/Ginnie standards and get sold on the secondary market as securities.  

With this being a buy and hold I am tempted to go in and do the full gut and fix everything up to current standards even though it's not required.

I have a friend who works for a well-renowned construction company in our town who has offered to be our general contractor at a discount (only charging us 8% vs. the standard 15%) and "teach me the ropes"/make the right introductions so that I can repeat this on my own in the future.