It’s a serious safety issue.

In order to build in any kind of safety into the loan for the lender, they have to match LTV's, loan amounts, FICO, experience, interest rates and fees.

You need safety to mitigate risk and some local institution to attract quality tenants and have a house worth selling one day. 

Yes there are BRRRR deals somewhere out there but you have to be really patient in the current HSV market and just try networking as much as you can! 

If you're concerned about physical safety you may want to hire someone to do that and report back.Regarding safety - at least from a legal standpoint, inexperienced landlords get themselves into trouble all the time.

If yes, the margin of safety rule I use is - A deal that you can refinance and get 100% of what you put in (purchase + repair costs) and still cash flow every month likely has a strong margin of safety.

You need money for advertising, cashing out the seller, title, escrow, 3 mortgage payments (for safety), electricity, water, reserves and the ability to pay off the underlying mortgage within 30 days if they call the mortgage due.

The water heater would run about 20 to 30 seconds before it would go out.The next, the new tenant sent dire message of life or death safety issue. 

Here's the website with some more info. https://www.stpaul.gov/departments/safety-inspections/vacant-buildingsYou could also look at for rent ads on craigslist and contact the poster of the ad to talk to them about buying their property from them. 

If a renter has an issue with safety for some reason down the road, and they find there is no certificate of occupancy, it could be bad news for you illegally renting a non permitted dwelling unit.