I'm not concerned about asbestos or lead paint.

@Carl Fischer that is my main argument, because we are just starting out we don't have anything to lose, but she is concerned that since we are going to be living there if something goes wrong we could get sued if we can't fix it in time.

As others said main concerns are knob and tube, windows and plumbing.

Change out lights with low-e permanent LEDs, and make sure you have good furnaces so they don't use space heaters, and you will be fairly safe.

(He lives in same building as landlord)My concern is I'm reading a lot of scams on how Chicago tenants try to work the system and the landlord is stuck in a battle for months.

@John Merritt You're pretty much keying in on some of my primary concerns.

Being a syndicator means being in the service industry and while everyone loves the investor who hands you $250k and doesn't ask you any questions, more than likely you will have a greater number of investors putting in smaller amounts and they will have more questions/concerns when you're starting out.  

I am concerned with the closing cost since I offered to cover almost all of it.

@John Warren The earnest money is my only concern right now.

This is a straight up sale, there shouldn’t be any concerns about liens/clear title.