The time and cost to get and maintain a license are not worth the savings, and even though you will have a license you will know just enough to be dangerous, especially with multifamily.

This is a grand opportunity to drive the price down with the seller if you're buying with the right fixit-man skill set -- you're not.If you do this, you're making a major commitment, the kind of thing so far out of a typical hands-off investor's comfort zone that it will take her/him into a danger zone.

When the home inspector walks through, and if he can find ANYTHING of substance that causes alarm, you can then further negotiate for seller credits. 

If the electrical panel is substandard (dangerous) and they are the one who hard wired an extension cord in the attic while cutting through a major purlin holding up the roof, and the garage door doesn't open due to damage (when they hit it with the car?)

Just my 2 cents...and I'll fully admit I'm only educated enough on this topic to be dangerous...definitely not an attorney myself...but I haven't received an answer I'm comfortable with from anyone on it yet either. 

Can the rates increase at a dangerous rate since they aren't fixed?

I agree that a rent reduction goes into dangerous territory.

Your municipality probably has laws against the negligent discharge of a firearm and/or a tenant that poses a danger to the neighborhood.

It's not uncommon for folks out of surgery to be given blood-thinners to help prevent dangerous blood clots.

A consumer tenant/buyer for more than 6-months is legal, but dangerous and highly discouraged because compliance is almost impossible and the statutory penalty prohibitive.Also, you will have difficulty evicting if the judge knows anything because you (landlord) must show superior right to possession.