While I have some reserve and a HELOC on one of the properties, if something big happens while in school (busted pipes, fire, HVAC goes out, etc..)

Tenant also agrees to the following:-All drains, waste pipes, and plumbing are accepted as clear by Tenant at the time of occupancy, and any material blocking them after occupancy shall be repaired at Landlord’s cost, unless determined by repair person that such blockage occurred during the time Tenant controlled the Premises and due to some fault or negligenceCOVENANTS OF LANDLORD.

I was talking to the guy that found me the deal and he said it has a Federal Pacific electrical panel and he's saying I'll have to rip out all the sheetrock and redo the wiring in the house as well as the plumbing because it has galvanized pipes.

Gurus make a great living on selling and cashing out on pipe dreams that newer investors have.

You’ll probably need to budget between 1% and 3% of the rental’s purchase price per year to fix leaky pipes, busted doors, broken windows, and similar items.Then, you’ll need to budget for capex reserves.

Quote from @Will Martinez: Quote from @Shauna Myron: Somehow I just stumbled onto this thread, but thought I'd pipe in since I'm here. 

The one-time price is still available, and honestly, I love the lead pipes system for quick looking up loan information and who owns the house. you can do this through the local appraisal district site as well, but I like this site.

Is the city where your property is located going down the pipe? 

We did, however, replace some of the pipes with ABS.

Most glaring issues to me are:- DWV pipe leak- Some outlets aren't grounded in both unitsWhat are things you've seen in the past that were real causes for concern/concessions in closing the deal?