I believe the conclusion is that I do not have to update the stairs as per current code unless I am making any structural changes to the property as part of renovation.

I structured the question understanding the, "no cash flow-no deal" opinions will definitely prevail but does $150 a month cash flow limitation really cancel the deal in your opinion?  

We also do not mind doing structural work if you got a real dog.PM me and I will get you my email.

All that said, I'd like to find out what other risks there would be in a transaction like this, and if there might be other ways to structure it.  

. :-)  You also may want to consider joining a company that has a real estate team structure. 

I have a lot of experience in evaluating homes and the many problems they can have.While I don't mind evaluating home structural component problem I am no longer into fix and flip (on a regular bases) because I don't want to deal with subcontractors or have my own crews to manage (unless I learn to speak Spanish) to rehab houses--I'm bored with that.  

No financing required for these ( if you structure the wholesale deal correctly, upfront,  with the seller knowing).

It's a small house and I could potentially replace them myself, but not if the framing has little structural integrity. 

Url structure/slugs?

The house structure looks good but I don't know what would be required to sanitize the two bathrooms.