I will look into getting the property management license and she’s been working on her brokers license so we should be fine once those are achieved front what I have learned. 

A second HVAC company I called inspected and said the system is running fine and only had a couple repairs they had to do.  

You might be fine if maxing a 401(k) and SEP IRA held through unrelated employers.

However, to do a cash out on an investment property, she can't go lower than 75% LTV, which would be $104k, that part is fine, but the rate would be 4.375%. 

You should be fine.

The 203k is wildly powerful and as long as you have an experienced team on your side during the process you will be fine.

The silver lining is that he has seen appreciation on the home's value, so he should be fine in the end. 

If that's the case, you can't do any renovations until you have it professionally deleaded or it would be flagged for Unauthorized Deleading and you can get fined and the property would never be able to get a Lead Certificate, only a letter of Environmental Protection that states you did illegal work, got caught, then had to pay a professional to clean up the mess.

Short answers are fine and all help is appreciated, feel free to send me links or maybe a BP podcast that addresses this process. 

At first the seller was fine with a closing date 45 days from contract, but a week later they had run out of money and wanted a sooner closing date.