It's ironic how we were taught that if you didn't go to college you'd be a nobody and be financially ruined.

Unless it's a new build you are probably dealing with a 1920's-1940's build, all of which had knob and tube wiring and cast iron plumbing.

Is the home and older one where a free standing cast iron mailbox on the path to the house would grab people? 

While no agreement is iron clad, when there is a dispute/disagreement I want to be able to share that with a guest. 

From my limited belief, the law technically covers double closes this but as @Irfan Raza stated there has been no REAL enforcement, if anything it is just causing doubt in newcomers in the market which ironically was the starting motivation of this thread.

If you have original cast iron plumbing, knob and tube wiring, and a 20 year old roof, maybe it would make sense to sell at the peak right now.

There's a lot to have ironed out before you take this plan out of park!  

I would add four more lead paint, asbestos, knob and tube wiring and cast iron drains. 

There's all different references to plumbing and much of that is based on the material it's made out of. ie, PVC, CPVC, copper, cast iron, galvanized (a type of steel pipe), PEX, ABS, Polybutylene and so forth and so on.

Hello BP, I'm currently an investor in the Duluth and Iron Range area (Virginia, Hibbing).