If the dye test fails, then the municipality may make require the funds for the repair to be escrowed in order to give a temporary permit.

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

I'm really busy with my w2 job working all the time to fund my investments. 

Depending on the ARV some are even able to get out all the funds they used to quickly rinse and repeat

These questions come to mind for me: Is your credit card limit large enough to fund the purchases and rehabs you are considering?

WARNING: if you do not prepare for this, you can enter a death spiral: deteriorating properties lead to lower rents, worse tenants, more wear and tear, even less cash flow to fund repairs and ultimately erode asset value.I do not mean to rain on your parade, hopefully, this is a helpful long term perspective. 

Donating money to large (FEMA, Red Cross), local organizations or Go Fund Me pages would be the quickest way.

In the "industry", you would use an "Acquisition/Rehab" loan that allows you to use part of the loan to apply to the purchase of the property and you'll have some loan funds left over to use for the rehab.

You can use your own funds, use a HELOC or do a cash out refinance to cover the costs.

The client can always use their own funds to replace debt.