They asked for a new roof, furnace be cleaned and certified, water heater repaired, new basement window, blah blah blah.

But title is clean and my title company will insure it, so it's all good.Word to the wise...

I have what I believe to be a good team put together between plumbing, electrical, landscaping, and general contractors, but will I be able to use anyone who is not on the "203k approved" list?

Concrete:  $75 a yard installedBrick:  $.50 per brick installedpainting:  $100-150 a room with trimexterior painting: $1800-$2500new hvac : $2300new window:  $100-$150 for standard sizes x 2 for installdrywall : $12-$18 a sheet finished (depends on finish level and size of sheets)tile: $5 a square foot installed (add material cost of between $2 and $10)basic stainless appliance package : $2500hardwood $2 a sq. foot installed $1 a sq foot to refinish (add material cost of $2 to $10)plumbing:  $100 per fixture to install and $100 per fixture rough-inelectrical: priced per outlet and per fixture for both rough-in and installTotal rewire of house:  $3K-$6Kupgrade electrical service:  $800Total replumb of house with pex (no slab): $2K - $5K10x10 set of cabinets no frills:  $2500, about 1 day for a capenter to installcountertops: $1500-2000new roof:  $5K (metal including materials)deck:  $2K-$5Kbulldozer/bocat:  $80 an hourdumptruck:  $1.50 per mileCarpenter:  $35 an hour low end + $10-$15 an hour for helpers. 2 carpenters can frame an entire house in less than a week.  

Here's my current situation-I have a full time job (30k income)that I am ready to go part time, I also own a part time cleaning business that I want to make full time (first year in business, so no tax returns yet) (brought in 30k last year but didn't show much profit).

You'd have to venture out in the secondary markets to find a clean deal above the 1% rule.You may want to investigate @Ben Robertsadvice and check out Memphis.

Multifamily conversions all have the same cons: electrical and gas workings and meters are difficult to maintain.

Lots of things can be wrong with a 115 year old house.. electrical, plumbing, etc.  

Is their credit report good/clean?

Put the new furnace next to it, and have the HVAC tech swap over the electric, gas/oil pipe, flue pipe, and water lines or ducts (use flex duct rather than having sheet metal bent).