Upon inspection, the house passed with flying colors, I had a structural and Mechanical engineer's letter deeming the home safe.

And yes is you buy a junior position the other mortgages senior to you stay in place but the IRS goes away as stated.. its the first in time is first inline ... so say you bought a second TD and there was a first td and a few mechanics liens filed before the 2nd was filed then those stay.. although rare because the second usually wanted title insurance and would not fund with liens in front of it.I loved Trustee or Sherrifs sales when IRS liens were there.. it scared all the newbies away.. and or those that had to back fill with a loan ASAP and could not wait out the 120 days.

I'm a 25 year old full time project manager and part time entrepreneur with a background in finance and mechanical engineering.

If it's mechanics leans or something like that, they probably are negotiable.

It's impossible to tell from the photos what condition the home's mechanical systems are in or the condition of the roof.

Background: I am a Mechanical Engineer working in Cincinnati, living in Northern Kentucky.

Just like I tell other people in my industry(mechanic integrity inspection/NDE) that get discouraged because of the amount of information...I've coined this phrase btw.  

If anyone has any insight I would greatly appreciate it, otherwise I plan to consult with attorney or am I off in the mechanics of the transaction?

They can take care of the mechanics of the closing for the normal costs in your area. 

I wouldn't want anything commercial mixed with rental.. to much foot traffic, Laundromats are huge utilities to run and to keep up with mechanical fixes.. and lots of stupid sit in and wait traffic.. big drug potential unless you have a staffed location.