I find federal government program names ironic. 

Some of the things you'll want to watch out for are knob and tube or aluminum wiring, lead paint, pipes that are extremely old (cast iron drain pipes can last 100 years but many types have a shorter lifespan), when was the roof last repaired, how old is the hvac, asbestos, old chimneys or stone foundations sometimes need to be re-pointed. 

Ironically I'll have to seek financing outside of a traditional bank / mortgage lender, having been a loan officer for less than 2 years.

Someone broke off the combination lock from our iron gate and came in directly through the doors of our rehab property, taking 4 bags of our contractors tools, to top it off ADT alarm system did not detect any motion what so ever in the property!!!

Hello BP,This is ironically my first post after hundreds of hours listening to the podcast and reading the forums. 

Old houses have cast iron pipers that will disintegrate (because of age and/or foundation shift).

@Greg Dickerson One of these options may have been in the same vein as what you're proposing although, if selected by the seller, there would be several details to iron out.

Ironically Home Depot recently bought Ebarnett.

@Michael Baum , I have some cotton/poly sheets from the 1980's in my home that get occasional use and are still going strong - they wear like iron. 

We are still ironing out details, but as of now its looking like he will be loaning me half of the purchase price, we will split the profits 50/50 (after expense budgeting), and I will pay back the loan each month with a portion of my 50% profits.