The keys to a good finish is the right surface preparation ( diamond grinding with a finish at 120 grit to 150 ), the right stain ( typically water based that looks consistant with color and finish), and the right sealer.

I just purchased a condo last week and turns out I have a mold issue in the bathroom - seems like its only minor as its only on the surface of the sheetrock and trim but its musty smell is strong in the bathroom and master bedroom.

Should there be an audit of the IRA, and should evidence surface that funds were gifted by a third party (including a spouse), this could become an issue.  

I had the property tested for $450.00 it was a level 5 meaning it needed deep cleaning and all surfaces painted that absorbed any chemicals.

But, on the surface based on the #s you provided, it doesn't look good but there are a lot of other variables to consider. 

Sometimes I've turned down tenants that on the surface looked good but after further digging made me say NO. 

That's a mouthful:) On the surface it looks promising.

However, if at a later date, it surfaces that you did violate the intent of the arrangement, like your future interest holder sells, that's a different matter.There is no due on sale jail, there is bank/mortgage fraud jail, supplying false information to a lender. 

That assumes touching every surface and major upgrades everywhere (e.g. kitchen and bathrooms), but not replacing all mechanicals, roof, electrical, plumbing, etc.If your numbers are accurate you're buying at 84% ARV less repairs, as pointed out by Jeff S Na.  

Be sure to use bigger flashing or trim against any of those surfaces.