I just don't see a historic home in a preservation district requiring board approvals and permits ever being done in 6 months.

Almost no defaults on these loans where the lender loses money so the pension companies (and others who are looking to preserve capital) love to buy these loans securities in large chunks.The property is listed as a regular apartment which means the agent used comps to estimate selling price.

Consider contacting local real estate brokerages with your "make ready" services or contact "property preservation" companies who may be interested in subcontracting.  

You should have 100K or more in equity to protect before it makes sense to spend that money - compare that with how much you spend in annual insurance for the same property/equity (on the same FEAR principles, just in case your property might burn down).Again, this is a simplified rule of thumb, as there is a lot more to the LLC question - when to do it, how to do it, current mortgage, proper transfer to preserve title insurance chain, DOS, future financing, management, distribution of properties per entity, insurance, partners, etc. - stuff barely touched in current thread.There is no one-size-fits-all - the risk threshold is a subjective measure particular to each individual.

Friendship first; which might require them moving out before the 'lease' to preserve the friendship.Also, be prepared when your friend has questions about the lease. 

I know some smart people who are allocating funds there, and it offers great wealth preservation over the long term if you choose right.

After looking at the notices on the home, the property is being preserved by a property preservation company.

REOs occur when the bank has too high a bid at the sheriff sale and takes the property back and then has to clean the title and all liens and pay a property preservation company to maintain or fix up the house.

Building wealth is one thing- Preserving Wealth is another.

However, I’m wondering how cautious I’ll need to be with buying homes 100+ years old, or if I should avoid them entirely.The issues I’m most concerned about addressing are:-Knob and tube wiring-Foundation issues-Plumbing, cast iron pipes, galvanized piped-Lead based paint-Asbestos-Old single pane/drafty windows-Old HVAC systems-Roof-Historical preservation rulesI intend to leave the work of fixing most these issues to electricians, plumbers, roofers, etc.