Recommend creating passage ways between the concrete piers and concrete runners through out the area. 2) Observed dry rot at the crawl space entrance, under the bathroom and kitchen areas.

As a relatively new wholesaler I've learned a lot over this last year but I think none more important than the necessity to build a functional network!

I have no idea about NJ but less than 1% of our market is foreclosures. 2) Your lender (and appraiser) may require the property to be in functioning condition in order to complete the loan.

The "custom" cabinets turned out to be far less functional than requested (like 5.5" wide cabinet openings for the trash & recycling drawer I asked for) and much of the work had to be redone. 

If units are functional and inspector did not find any issues, I don't think seller is going to agree to replace them just because of the age of the units.

Supplying the marijuana is also not part of the reservation, so everything functions as a normal Vacation Rental (taxed and all) and they are required to purchase their supply from one of the local dispensaries.

Thats why tax planning is a very important function.

Newbies will be good at due diligence as a function of ownership and disposition of the loan not a checklist.  

The house was built in 1925 and while functional, it needs a lot of updating.

Unlocking the doors to the internal stairways would provide the flexibility to utilize the four single family residences as the functional equivalent of a small Hotel or as any combination of 2, 3, or 4 residences.One advantage, to permitting such a building as a multiplex instead of as a hotel, is that Medium Density Residential (MDR) zoning required for a fourplex is available in many more places than is the commercial zoning required for hotels.