If it's mechanics leans or something like that, they probably are negotiable.

It's impossible to tell from the photos what condition the home's mechanical systems are in or the condition of the roof.

(emphasis added).There are plenty of Wholesalers out there (both ethical and unethical) that also have their License, but INVESTING (retaining ownership for its returns) is a different topic altogether!

Background: I am a Mechanical Engineer working in Cincinnati, living in Northern Kentucky.

Just like I tell other people in my industry(mechanic integrity inspection/NDE) that get discouraged because of the amount of information...I've coined this phrase btw.  

If anyone has any insight I would greatly appreciate it, otherwise I plan to consult with attorney or am I off in the mechanics of the transaction?

They can take care of the mechanics of the closing for the normal costs in your area. 

I wouldn't want anything commercial mixed with rental.. to much foot traffic, Laundromats are huge utilities to run and to keep up with mechanical fixes.. and lots of stupid sit in and wait traffic.. big drug potential unless you have a staffed location.  

., because it is a full reno with all new mechanicals and roof, I set my reserves at 5% each.

That means find a house where there aren't going to be any hidden issues with very expensive things (i.e. foundation, roof, mechanicals), and get a good inspector to make sure they agree with your assessment before buying.