If I was evaluating that property, a couple of things would stand out: I agree the 5" slab probably isn't sufficient given the potential for freezing and movement under the slab.

Non-compliance will result in penalties, including potential default.

What would that entail cost wise?

i say this not to discourage you, but just to help set expectations.based on the numbers you provided, for example - 40K down payment + closing costs + rental and make ready costs - let's call that $50K. 

Include the rent for the 2 weeks along with an itemized list of other costs (eg if you had to clean). 

The product is available but the pricing is not as pretty by any means, you’ll be looking at a rate 1-1.5% higher and possibly an extra .5-1 point in cost right off the bat. 

How much does it cost? 

In terms of his investments, they have been focused on the downtown region, buying up older, but loaded with potential and character, downtown buildings. 

Quote from @Vida Lolitaa: Here's a video showing the actual cost.

higher risk higher return potential.