Any recommendation on how to go about this, is highly appreciated.Thank you all.

Let me know how things are going!

If you are going to rent it and want to take advantage of the tax benefits be aware of material participation requirements and limitations on personal use. 

A lot of times you don't know what the big box guys are going to refer to you. 

Well, on that note, I gotta go wash my hair, or something..... 

What makes your interaction with wholesalers go smoothly?

Conventional Loan (Best for Long-Term Savings) ✅✔ Lower interest rates than FHA✔ No upfront MIP (Mortgage Insurance Premium) like FHA✔ 20% down avoids PMI, but you can go as low as 15% for investment properties✔ Best for long-term hold & cash flow2.

if it’s illegal today, I don’t want inspector to show up and have more problemsI read about houses build before 1957 so if in current condition I would go to the city to get permitted, would 7ft ceiling still be a problem?

Furthermore if they are always paying they probably will stiff you in the end if they know they aren't going to get the deposit back. 

It's great to be prepared and have your duck in a row but we don't even start discussing eviction until they are at least a month late or behind by 1.5 months of rent. 25% of the time tenants are going to be late and about 10% are going to be late consistently.