The seller may be financing the deal and I don't expect them to be nearly as cautious (requiring excessive coverage) as a conventional lender would.  

However, it is one that I personally have to oppose, since, for religious reasons, I am opposed to taking on hyper excessive amounts of debt.

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or to refund to the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account that is specifically designated for future investments.

See below.In the state of North Carolina, landlords may be able to keep all or a portion of a tenant’s security deposit for the following reasons:  Unpaid rentUnpaid utility billsDamage in excess of normal wear and tearBreach of leaseCosts of re-renting the unitCosts to remove and store tenant’s possessions after an eviction Court costsAny additional unpaid bills the tenant has accumulated during their tenancy that could cause a lien to be placed against the property.Source: https://www.thebalancesmb.com/north-carolina-security-deposit-law-212508442-51.

Lack of gutters = moisture penetration = mold.

Evaluate the layout carefully and consider whether it aligns with your target market's preferences and needs.Foundation Concerns:Stone foundations are common in older properties, and they require regular maintenance to prevent moisture issues in the basement.

I asked the inspector based off what he came across, does he think the property is good or does he think it would be a money pit, he advised his only concern was the moisture on the exterior brick of the building and that I should get a masonry contractor to take a look at it, which I did, and he assured me that it’s just minor work to be done so I am currently moving forward with the purchase!

The caulk fails when water gets behind it and allows mold growth so you will need to make sure your caulking is continuous and that there is no moisture behind the caulk from not allowing the surface to dry first.  

While you could attempt to evade $30k or $40k in capital gains by waiting a year; that could mean incurring the stiffer opportunity cost of in excess of $300K in profits. 

Quote from @Glen Wiley: I look for minimum of $300/ month cash flow for LTR on a house in the $250-300k range.I hope you are also expecting appreciation in excess of inflation because at 80% LTV this is 6% return which is crap long term return for an investment as non passive as residential RE.