I generally spend about $25,000 on a flip that includes painting interior and exterior, new kitchen and bath, upgrades to the plumbing and electrical and new windows.

So, I can't go in and start knocking down walls but I can repair that hole in the floor/wall and bring the wiring and plumbing up to code.  

As long as companies can locate in other countries, with lower taxes, less regulation, and lower wages, manufacturing will never return to America.

The other hang up is that it was built in 1964, so there may possibly be code violations I will need to update such as wiring and plumbing.

LandscapingHandyman (including electrical and plumbing, licensed)Again, just PM me if you want to contact info. 

Due to the many regulations I want to close these strictly with an attorney. 

Check you plumbing.

The court must first determine whether the optionee has equitable interest, and that all newly implemented procedures regulating placing a lease to own tenant have been followed.

However, it's not the wild west, business transactions are covered under federal laws, the Uniform Commercial Code (UCC), Security Exchange Commission (SEC) are usually the most applicable to real estate investors but there are various federal rules, regulations and laws that may apply. 

We fixed a lot of other things in the house that are more important like the plumbing, the roof, the garage door, etc.