Since this is first property and dont have prior knowledge on these type of works, looking some help here to see whether this price is reasonable or not.

On the sale, which you have to report in your 2019 return (the return you file by this April 2020), you are going to have to report the sale and, to be legally correct, you will have to pay for the depreciation recapture (the IRS makes you take depreciation, so they calc depreciation recapture regardless of whether you filed your prior returns properly with the depreciation).

It's related to my previous profession and I've read lenders will take the one year of income if it's connected/related to a prior profession. 

For me personally I would pass just as you did whether I was planning to owner occupy or not, i tend to avoid high crime areas for a multitude of reasons, primarily they present occupancy challenges.I will say that prior to submitting an offer i would research the area you are shopping in and have that information going in. 

Do they expect all possible abatement to be done prior to funding on all older properties?

While technically, I guess anyone could, however, someone lacking the very specific and very specialized skill set required to "procure" this efficiently, would not be able to collect the information prior to the tax list being published.

Dentric, my recommendation is to have reserves in place prior to investing in real estate.

You basically save half the commission to answer the phone and give out lockbox instructions.

Obviously things happen, but to your point about big repair expenses, it's super important to confirm the exact condition of your property prior to closing, to hopefully avoid all that for quite a while.And then one last thing I would offer for your consideration is that a rental property has 5 actual income streams that come with it.

I have them terminated on 5/25 so I can get in there and paint and cleanup prior to the 6/1 move-ins.