By including the cap and limitation that all originated mortgages must be under $150k the Bill basically says these folks are in no more danger of defaulting on a mortgage than they are of being evicted from a rental.  

The pipes and wires of the place do worry me a bit, but since it is so hard to assess, is it something that just should be factored into the purchase price and reinforces the fact that, among many reasons, it would be dangerous to overpay for the property?

I agree not being local and trying to rehab is very dangerous.

There is more danger of making an emotional decision due to your love for this properly. don't rush and stick to your criteria for finding a deal.

That is very dangerous. 

Originally posted by @Danger Brown: I would suggest that you start by networking with some wholesalers in your area.

Spending cash is the ideal way to do this, however, if the loan you got wasn't tied to the property...as in non-lienable debt, it is what I refer to as a "cash like substance".  

However, jumping into a rehab without having the knowledge and expertise is a dangerous game.

Using comps in any market that are too old is very dangerous.

I know, people get bored and look for things to dream up to make some money, I really suggest you not, stick to conventional transactions, your creativity is dangerous for you and others.