If he won't allow you to inspect ( you could tell the tenants you are a contractor/handyman that he is having look over each unit for safety and upgrades) if he is serious about selling.

I wouldn’t buy squat - however if it’s a known safety hazard it’s especially hard to collect rent from dead people

I've been watching patiently hoping I can get it at a decent price.

I have all my safety deposit in one savings account, and all my provisions (capex and taxes) in another.

For those looking for community, safety, etc. for retirement, there are many shared housing, co-housing , communal living type projects starting, being that it is the generation of that were a part of the 60's.

The framing issue was a big concern as a safety hazard. 

He said I need to be patient and that he can't do anything until I see visible signs of what's there and it would be hard for him to pin point anything since the apartment was recently renovated and the only problem right now is a strong musty/ mildewy smell.I am going to get a highly recommended HEPA air purifier so the tenant isn't breathting this stuff in. https://www.alencorp.com/products/alen-breathesmar...I'll also call more moisture companies.

Seems like you would need a very patient contractor.Anything is possible.Good Luck.

My husband is skeptical and feels there is no safety net if the person we lend to isn't able to keep their end of the bargain (he is in finance... specifically he's a quantitative risk analyst).

Investors in any asset class will use “margin of safety” as an investment strategy.