A couple of Hayward idiosyncrasies: Until last year, they required metallic pipes and traps under all sinks. 

They determine the mold is due to; (1) tenants causing crazy high humidity basement humidity by running the dryer without ever cleaning out the lint trap and (2) not cleaning the bathroom- All mold is abated with bleach, a second dehumidifier is placed in the basement, carpets are lifted, trim is replaced, and we investigated behind walls.

Talk with an attorney, I would suggest @Scott Smith , about transferring later. as for inspections, I know you can put termite, I don't know about other insects.

Except as provided in Section 9-206 of this Act, in all cases of tenancy from year to year, 60 days' notice, in writing, shall be sufficient to terminate the tenancy at the end of the year. 

The wealth of knowledge than can be obtained is incredible and I am happy to have stumbled across BP and more importantly this NJ sub forum.A little bit about myself - I've always had an entrepreneurial spirit growing up (started a small landscaping company in HS to get me through college), however, I fell into the trap of "you need to get a good degree, then a good job, with a good company."  

and shown how awesome this potential investment will be, along with various other curve balls, pitfalls and traps for you as the unwary buyer can fall into. 

The house is definitely on the older side, built circa 1930, but walking through the property I saw a ton of potential (huge back porch, front porch, large semi-modern kitchens, beautiful hardwood floors trapped under dingy carpets, etc.).

I'd rather get them addressed immediately than deal with the consequences.Drain smells... this can because water in the pea trap has evaporated or is leaking out.

.********** makes some valid points, and you dont want to get into a trap where you are suggesting that you will stop a foreclosure, or that you are consulting with them unless you are intending to do a short sale (dont recommend it unless you have some serious patience, and get educated by someone that is successfully doing it in your area).If you are going to try and work the lease option exit strategy by targeting preforeclosures, then getting the deed from them without giving them ANY money (along with a authorization to release information from the bank about that loan), and take the deed into a land trust and you should be ok.

To have a population trapped in employment that they don't like, doing jobs they don't like or that conflict with their values - all because they have to pay the mortgage is a way to pacify even the most independently minded population.There will be winners out of sub-prime and it won't generally be the ordinary citizen!