It is my understanding that in Ohio you can do a title search after the sale, although I am not sure the remedies if you discover defects.  

If the inspection is good barring major defects, we are good to go.

One building with major defects, environmental contamination...something.Or, it could be that he just wants to cash out for retirement or for a better investment opportunity.  

A seller needs to disclosure defects that are known at the moment they fill out and sign the formOwner occupants should be knowledgeable on a day to day basis as they are using toilets and appliances on a day to day basisWith an investor or any vacant property , it is just not possible to no what is working on a day to day basis.

Inspect the property if possible and understand their might be unknown defects .

You have to disclose prior to selling that the home had it's foundation repaired (documents & warranty was shown to buyer prior),so essentially some buyers will walk away as home buyers do get nervous, thinking that the house is "defective", which isn' the case. 

A curable defect is one for which the cost to cure is less than the value added by correction."

Tenant shall be charged for repair of drain blockages or stoppages, unless caused by defective plumbing parts or tree roots invading sewer lines.

., the contract states I have the option to terminate the agreement without penalty by providing notice to the seller of the material defect within 5 days of receipt of the inspection report, but no later than 20 days from the binding agreement date.

I will sometimes recommend that the buyer have a licensed contractor go to the property during the inspection period, to provide a price estimate for a defect that was found during the home inspection.