@Michael Pursell following up on @Charlie MacPherson good comment you also may want to pay attention to the exact wording of this stuff and how its individually interpreted by the various building departments: Accessory Dwelling Unit, In-Law and other terms may mean something slightly different town by town and be treated differently, likewise if you owner occupy or not. 

I wonder if this would reduce the price that the landlord could expect to receive for the property.

Just do regular inspections and have your contractors report anything that may attention as they go in and change fire alarm batteries.

You cannot receive the funds as a reimbursement or they will be taxable to you.Regarding offset losses, the IRS really doesn't care too much how much profit or loss you have on a property. 

Let them know how you came to that number and the other numbers you received from the seller.

I am sure if you use some key words you can draw the attention of the realtors in your area here on BP.

I have not received any paperwork stating the lease has been renewed (though I suppose it could be out there).

On 11-6-2017 when the property had been assigned to myself I contacted tenants to schedule annual inspection, I was told it would need to be done at a later date due to their schedules.I received call from painting contractor who was reviewed cabinet photos, Silverstar would not bid on sanding & staining cabinets since the dye lot would not match, they are showing normal signs of aging.

I received a quote today for flood insurance on a 2100 sq. ft.

All of the above but 2015-2017 IBC compliance is getting a lot of attention around here with older 'grandfathered' multi's.