In other words, you’re in denial.It was a little less obvious in this specific case but rest assured, some of these scammers are extremely slick and will have a quick explanation for any inconsistencies – all of which could be investigated if you don’t try to convince yourself it’s not a scam.Did you actually speak with this lender?

Cant truly speak what it would be like to become full time in property management, but I can assure you, it is with a lot of sweat and pain, especially to hit the point where the investment properties can now support your lifestyle 100%. 

Will zoning and regulations need to be adjusted to assure compliance?

You could put a small amount down as earnest money and then work all the resources to come up with the funds.I assume you have no assurance your offer will be accepted in the first place?

I personally steer clear of 100 year old houses for rental for several reasons.  1) They are almost impossible to keep in compliance with the building code regulations. 2) If you make they really pretty you can get them rented pretty easily, but if they don't have insulations - and most of them don't - tenants will not be able to keep up with the utility bills and will move at the end of the first lease. 3) Lots of times houses that old are also in flood zones.

If she is not on board and there to push you when things get tough ( and they will I assure you) it will be far more difficult even more so than getting the money or deals . 

You have the most leverage with the current owner right now, before closingPost closing, I would either issue a notice to cure and then ultimately a notice to evict after non-compliance. 

It's their way of assuring that every agent works under a brokerage, which is a basic requirement of practicing real estate.

City has become intolerant of non-compliance and will tag your property "unfit for human habitation" if not completed within time frame allowed. 

I recommend that you review the provisions of the act to make sure you are in compliance with its requirements.