As far as bringing certain items up to code, the only way you'll know what you're dealing with is to have zoning go through the house. 

With older homes there may be some deferred maintenance and maybe some unseen big ticket items that could come up like plumbing or electric.

I purchased the property in my name and with a mortgage in my name only, but the business has another partner.When going to have the deed changed, that is a pretty simple process but the other items (insurance, mortgage, etc) seem to be more complicated.

Would these items lower liability protection?

I once bought a property from a wholesaler that had items from the the floor to the ceiling.

One of the items was that the duct going to a vent in the living room was too close to a floor beam.

There are a lot of other items, but I hope this helps.I have seen accounts cost $1500 to $4000 per, depending on a lot of the above items and then some....You could also use the 2.5 of the gross.

What are concrete action items you would suggest for the "forced savings and debt pay down" purpose?

Subtract the wear and tear items, add the missing rent and subtract from the damage deposit.

Others may mention some of these items but here's a quick story of a "mid 20's tech talent moving into a midwest city (Indianapolis)".Unsure job status - 5+ years ago I moved to a new city for a new programming job (mid 20s).