@Jamie Montpellier There were folks here who thought we should adopt similar regulation.  

Good points: New plumbing, new septic, newer water heater, furnace & a/c and mostly new electrical.

I think the plumbing test are going to be this weekend or Monday.  

I've found one that I have my eye on, however, the property had a leak in the plumbing and now has mold growing in two of the six bedrooms. 

Here is CA the loan late fees are regulated as well the time frame for what is considered late, which allows for more than just the typical 3-5 days on a rental.

He said (and it may be state specific) that if the flood was a plumbing issue (not a rain-water/flood-plain issue) and if the issue was completely repaired (house returned to it's pre-flooding state) and as long as the house was pulled from the MLS while the repairs were being made, that there was no obligation for disclosure in the new listing.

You have the right to ask questions too, such as: EXACTLY what law or regulation are you accusing me of violating?

It is in a low-income area, and was vandalized.Both units need rewiring, and plumbing.

The loan process atleast for residential financing has so much paperwork and governmental regulation that as a lender we get enough brain damage just from the operations of processing a loan.

(you will split profits with)It is not necessarily very hard to borrow from a private "lender", but it is a heavily regulated arena.