Was just curious if househacking would be a solution. 

No of course not. 1 deal is better than no deal.. even if I make 4 deals from your direct mail campaign while you just make one deal ^_^Solution... in order to make it in this business you can't be a mere sheep, following the masses, doing what everyone is doing.

However, you need a solution for when they don't (and let's hope you never have to use it). 

Repairs- I don’t see any other solutions here than having a bunch of handy men I can call with repair requests.

According to the bank they are following the Fannie and Freddie guidelines.The solution does not seem clear to me.

I'm looking for a cost-effective solution to bring the room up to code. 

That is one solution I've not considered suprisingly..

I was wondering if someone more familiar with property management may be able to provide their own solutions to some of these questions?

I don't want to continue this process unless I have a faster solution or a professional do it for me.

Solution:  Only hire contractors certified and registered under the RRP rules and do the best you can to make sure they are following the correct work practices, documentation and clearance tests.