Homeowners will raise the market prices, whereas investors usually suppress the market prices.

Be ready for environmental / fire inquiries such as whether fuels and lubricants will be stored on the property, disposal of such things, fire suppression systems, hazardous substance containment, welding torches and other flammable substances, etc.

When doing so, i am curious to know if i will be required to bring the units up to current code in regards to the firewall and fire suppression system.

I'm not sure if this is just because the market is suppressed or because there is an over abundance of newer apartment buildings competing for those dollars. 

I would focus on the numbers first, suppress your emotions towards this opportunity, justify the investment, then talk about finding money. 

I'm ok with the electrical work, but if all of a sudden all the plumbing needs to be replaced because of something, and then the fire suppression system etc I'll be in trouble real quick.  

Heavy lift on the construction side with fire suppression and electrical upgrades eating up a lot of the budget.  

(if the home is set up to hold more than 10 people the home also has to have a fire suppression system (fire sprinklers)

You can easily be suppressed via your crm or excel list that you manage your records in.

If the person has an illness and is immuno-suppressed  I recommend they stay home before they get better.