Even if you have capital and a boat load of experience - you're gonna get smoked at least once! 

There's plenty of advice available here on BP, but at the end of the day, the local officials are going to govern what needs doing.Some things to think about... do the toilet clearances meet code, does the sleeping room(s) have proper egress, is fire separation required, are smoke alarms interconnected, etc.Good luck with it!

There are some elaborate "bank" insurance strategies out there sold by hungry RIAs....smoke and mirrors mostly!

During the last few days, my project manager is replacing all the outlets, switches, smoke alarms, mirrors, registers/returns, door-knobs, etc.For our typical project, this all takes about 10-12 days.

For example, the west side near the United Center used to be a terrible place to be after dark.  

I will not buy in the bad parts, unless it is a smoking hot deal; then still, maybe not.

Unless the house is a smoking hot deal where you can add AC in later, you're looking at difficulty finding tenants at every turnover, and you'll have turnover every year.

The blue shop towels are highly absorbent, don't tear easily, and will readily show you where the moisture is because the light blue color of the towel will turn dark blue as soon as water gets on it. 

Wholesalers don't buy houses... unless I am in the dark on what a wholesaler does.

They also need a new Transformer for the front door bell and another smoke alarm in the bedroom.