I've always had an interest in economics and I feel that the best way to be on the lookout would be to examine a variety of factors.

After re examining the property, the fuses are the typical knob and tube but they have placed conduit in the apartments.  

If in examining your options you see or suspect you may run out of money do not do it, period. 

(2) If the lienholder becomes the purchaser of the property and noclaim for the amount secured by the lien on the property has beenfiled, allowed, or approved, the court may at the hearing on thepetition for confirmation of the sale examine into the validity andenforceability of the lien and the amount secured by the lien, andthe court may authorize the personal representative to accept thereceipt of the lienholder for the amount secured by the lien aspayment pro tanto

It should be obvious how to disassemble them with close examination.

There are a lot of good PM's around, there are also a lot of shady ones.In a few months, you will have passed your freshman exam in the School of Hard Knocks and will be ready to move on to your sophomore year.  

So you want to get a copy of that recorded mortgage and examine the name and property address that the mortgage is attached to; if it is erroneous you work with the lender to correct it. 

Which leads me to believe that the problem is still manageable and can be resolved with addressing what i listed above as well as possibly repairing the drain (for which i have to get a plumber in there to examine) According to the PE engineer i hired the walls do not need to be replaced as the other contractors stated to me.

While I had one foot in RE, had I not had the degree I would never have gotten into FDIC as an examiner.

Your home inspector will probably give you an indication if the unit is approaching the end of it's life, but a thorough examination by a mechanical contractor might be in order if you are concerned about it.