Although I conducted a basic septic inspection during the closing, and the system is in good working condition, it still failed the STR inspection.

.- To utilize the Mills Act requires a few things: An application (not free), inspections, and most importantly a contract with the city in which you promise to rehab and maintain the historic nature of the property.- The inspections are only 5 years, but tenants are not likely to take care of them home as well as you, and refurbishing hardwood, lath and plaster, and anything else is going to be much more expensive than the typical Landlord special (white paint, and grey LVP)It will all come down to making your numbers work.

I'm also getting my inspection license and getting my PMP certification.

you should know from your inspection what they need now, and what they might need in a few years.

This gets you in the game with minimal upfront costs.Covering the Smaller Costs (Inspections, Appraisals, Earnest Money, etc.)Even when using other people’s money, you’ll need some cash for earnest money deposits, inspections, and carrying costs.

We work with a lot of OOS investors and showings, inspections, and lending can all be done remote very easily. 

If the house has a septic system, especially if it's an older one, it's worth the investment to have a septic inspection done.This concern is particularly relevant for those planning to buy and hold the property rather than simply fix and sell it.

Maybe the deal would always fall out of contract after the inspection.

25 inspection, 25 closing, 1 loan.

Due Diligence is Critical—Don’t Waive Inspections•Since this is your first investment, make sure you follow a solid due diligence process before purchasing.