In this case creating the relationship with the inspector and the city might be easier and they might lead you down the path to get it compliant.

@Mike WadsleyThere are tax benefits for setting up a QOF and investing in QOZ if you have tax on capital gains that you want to defer.You likely want to speak to a professional on how to properly set up the QOF and to stay compliant on an annual basis.Regarding if "there is money to be made", if you have a property that needs fixing into, you may have a marketable property.

(Make sure you trade the house first and let the new owner take back the note and mortgage so you exchange is compliant). 

Please review these provisions of the Declaration.”)4) Have same compliant for other inventor as well as they are targeting the tenant.Don't know how do I need to proceed.

@Daniel BrandtI would look into setting up a qualified opportunity fund.You can defer the payment of tax and also invest in real estate.You may need to work with an attorney on the setup and an accountant on the yearly filings + rules to keep you compliant.

Syndication is what one does when offering a security and remaining compliant.

That does not always work but most landlords want compliant tenants.  

Most carriers are A rated or better and if your using a conventional loan then the lender will make sure coverage is compliant anyway.

I would do that before scheduling an inspection unless they are delivering the building compliant. 

@Benjamin Beyer - there is a safe (code compliant) and inexpensive way to address this by adding one GFCI outlet to each run of outlets and converting the remaining outlets from two to three prong.