However, I am worried about the outdated electrical and water systems for safety concerns.

If you are younger and seeking to rapidly build a cash flowing portfolio, if you are wanting to continue 1031'ing into bigger assets, or if you do not have the cash to take down entire deals without financing, leverage makes a LOT of sense.If you are retired (or rapidly approaching retirement with a level of uncertainty or concern about what your post-retirement income will look like), it could make sense to begin paying off properties so that you reach a point where your expected monthly cash flow will exceed what you need to live comfortably after retiring.

For us there is no perfect property to manage.I am more concerned with the owner. 

Is it just not my worry what their income is since the voucher covers the rent, or is my concern that if they only have about $950/month then they won’t properly be able to maintain their pets and their standard of living valid?

Maybe this is a Milwaukee thing, but we have a lot who are either not good, cringeworthy to listen or outright dangerous, many of them with 5 star reviews on Google, which is a mystery to me

The seller has countered with the following conditions:- Loan to value (LTV): 80%- Earnest money held by seller's recommended property management company- Final inspection within 1 day of closing- Commission paid by to buyer's agent is 2% of final sales price.I'm seeking advice on how to proceed, as I have some concerns:- Why would the seller request an 80% LTV?

my concern is your mention going to a feeder event.. the 3 day work shop then you have to pay the big dollars this is exactly what the gurus who are backed by fulfillment companies do. 

You are in dangerous territory.

My concern is my bank account doesn't show that currently (I do have the paystubs to back it up).

Your new PM can hold the funds or transfer them to you.As a side note, I'm concerned that your new PM wants you to hold the deposit.