What can I expect for timeline, potential issues, rough costs? 

These are pretty much the replies I expected, but great to hear that I'm not the only one concerned with guest safety. 

As we all know, the standard way BP says to calculate cash flow actually leads investors away form long-term opportunity and leaves a lot of investors on the sidelines because they don't understand IRR and the multi layered dynamics of investing long-term.  

“L&I has to often prioritize, and the things that get prioritized are things like fire safety issues, hazardous buildings,” she said.

I am located in the Dallas-Fort Worth metroplex and looking to acquire multi-family properties.

So what exactly is your issue here?

I have one child under 2 yrs, and another on the way, so thinking about their long term safety and education is on mind.

This normally would not be an issue but the cost of the water/sewer is extremely high in this area and specifically because the meter is a one inch, the costs are much higher than a normal 3/4 inch on a non-duplex. 

If my assumptions are correct - documented 4point issues  (electrical, HVAC, roofing, plumbing)  will need to be remediated in order to close. 

Residential investing is not rocket science, knowledge is not the issue: there are many good books out there that walk you through every detail you need to know.