That's hammered in pretty hard in classes and continuing ed.We do get training in lead paint, but representing anything beyond what a seller tells us gets us into dangerous territory liability-wise.I always tell buyers of pre-1978 homes about lead paint and what the implications are. 

Due to the seriousness of the dangers and the fact that I'd like to rent to small families in hopes of lower vacancy, I'd like to have a certified professional handle the lead paint removal.

In fact, the buyers rights are much fewer when he has equitable title instead of legal title.

@Rodney Phillips  Joe is right, 4 or fewer units can be on conventional loans, which is often the cheapest money. 

Seems like it's a chronic problem and if the current owner can't deal with it, go to the applicable city or building department about the hazardous and dangerous and unsanitary conditions the house is in.

Whether a danger is real or perceived, you need to address the tenant's concern in some way.

And you can get some/all of that back when you file the tax return for that tax year with Rhode Island.Generally I think the price is OK for 2 units and you'll probably do OK but I think you might find this one a little more challenging over time than you might expect as that area (Chalkstone) is a bit rough in places, and the house having no front yard, while certainly easier for lawn mowing, also gives it a tougher feel.So I would be very careful with who you pick for the units as I think you're going to get a lot of "C" type prospective tenants coming through, and comparatively fewer "B" types who you really want.I think you'll probably do OK but I would plan to be pretty hands on for the first 3-6 months until you really make sure it's stabilized and you have decent tenants there.

Nothing felonious or dangerous, but PLENTY that told us to run screaming and a good bit that should have shown up on the TransUnion report.

Using the As-Is value, these sellers had almost no equity and were seriously delinquent on their mortgage coming dangerously close to foreclosure.

You may be dangerously over leveraged and your cash flow could also be very limited, if any.