You would want an engineer to look at it .   

@Quandra Adams - your lender is correct and somewhat incorrect at the same time.  203k's allow for any renovation related fees- such as the HUD consultants work write-up ($400-$1000), draw inspections (up to $350 per and max of 5), title bring downs (typically about $100 per), architect (if your using one), engineering (if applicable), etc are allowed to be financed into your renovation budget. 

If you want to learn about the engineering, I'd say go ahead.

The foundation is 72inches high and the permit is only for 48inches high, since the foundation was not engineered for anything over 48inches.What options are available to me?

I also just graduated from Pitt in April 2017 with a bachelors in chemical engineering... sounds like we were in the same graduating class, small world and H2P!

I currently work as an engineer and plan on using income from my day job to finance downpayments for rental investments.I am interested in out of state investing as the cost to enter my local market (SF Bay Area) is a lot higher than I can afford and don't typically provide cash flow.

But you don't know if you are going to need engineering, architecture, land studies, impact studies, etc... 

. + Religious, charitable, legal, educational, domestic, accounting services, architecture, engineering, surveying, and veterinary services. + Services rendered by nonprofit membership organizations for the promotion of the interest of the members. + Nonprofit educational and research agencies. + Public utilities as defined under Tenn.

I have the problem of being a soon to be graduate (in May (2018)), with a B.S. in Civil Engineering w/ a job already signed up.

The utility companies are HUGE, and they can take months to do their work (engineering, site inspections, plan reviews, etc.)