Basically it states only issues related to health and safety need to be addressed.  

It saves both money and effort for building owners.Improves the property’s safetyKeeping up with property maintenance will guarantee everyone's safety.

Prices are still very reasonable, safety doesn't seem to be a major concern, and there has been significant growth there in recent years. 

This means that they can't pay you, or they'll either prioritize their other bills in front of paying rent since they know you're a nice guy.

It could be a crap shoot when it comes to safety.

If the building was full of old knob and tube wiring and all the outlets are ungrounded and had tons of safety issues I’m not sure if we would pay any money for this building!

As long as safety items were repaired and you have receipts then this is a non-starter. 

Honestly not sure what i would prioritize.

It was an easy and great experience.Seems to me that you really need to get your primary residence sorted out before you jump into anything else, I'd say prioritize what you really need at the moment and work on the others as you progress.

Most of the time you will need to hold the property at least 2 years before you can resell with title insurance or do more than basic rehab to insure safety or preservation of the property, and almost no one redeems, so rare you get that 25% or 50% in year two.