This was expedited as I chose to do direct deposit/wire as opposed to a check.

If I wanted to buy in my desired areas I’d need a bigger deposit on top of the FHA loan limit, in which case I’d just go down the conventional loan path.

Tenant decides to move or can't get refinancing in the time period, owner would evict them, keep the deposit and repeat the process. 

Unfortunately I do not get paid for this work, I can not charge it against their security deposit. 

Earnest money deposit is $2k to be sent to a title company seller identified

If it's just "leaking somewhere" in the building, someone will need to identify exactly where the leak is (no, not with a lighted match).

I guess I can raise the safety deposit to mitigate some of that.

Do you think I should back out and get my good faith deposit back and if so (I am 90% wanting out), do I have any legal recourse? 

That said all this means is someone has to use a match to light it VS a more modern push button or switch. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.