The local housing authority will do an initial inspection once you sign a lease with a voucher holder and then yearly inspections after but they are mostly safety issues they are looking for.

I also agree that the more units you have, the less risk you have.. when you have A+ tenants, it's kind of like a safety net,  and the more you have, the bigger your safety net. 

@Dan RichterA 1 percent difference in loan rate will eat into your profits but you're paying for that safety buffer.

Then again, I don't know your city Building and Safety codes at all...so it's hard to give you a suggestion not knowing what is the easier play.

Be conservative, give yourself a safety net, and make sure your future is secure before you start taking big risks or splurging on toys."

I assume from a legal standpoint, she rented as is and you shouldn't technically have to change, but if anything were to happen and a child got hurt, I also assume you could be held liable if it is discovered that she brought a "safety issue" to your attention and you ignored it.

So excited  that I thought going Pro was a good safety net to have access to the calculators so to feel more confident in purchasing my first  multi-family or SFH.

Great comment ... we learn from Warren Buffett and Benjamin Graham the importance of having a "margin of safety" ... they were talking stocks but it also applies to REI.

I have a house in major disrepair that I want to Fix-Up.Asking price is $80K and I'm looking to get it for around $60K.Its was built in 1895 and has city water and a septic system.The heat was supplied by Gas stoves/heaters, but is run off a Propane tank which the owners have removed.The structure seems good to me, but the Mortgager lender I talked with said it would have to appraise and there cannot be any structural damage or safety concerns.  

Hi Karina,In general it must be a complete and functional home that does not have any health or safety issues.Specific to you, and this property:It's too late to worry about it, you're under contract.