I have access to notes just not super versed in that area.

experienced RE investor with new issue I have never encountered.  Elderly owner of 20 unit complex selling portfolio but suffered significant tax consequences ( assume capital gains) when sold her previous property.  ...

In addition, there is no access panel to allow maintenance of the plumbing, which the inspector says is required.

But if you have a real business setup, and have been operating it for at least a year or two (with two years tax returns), you should be able to go to many lenders and get quality access to financing -- albeit with more paperwork than the other guy with the W2.

I have been pre-qualified for both conventional and commercial loan. 

I have not done any kinds of deals like this one, but with this being a financed purchase, I would think you would have to get a commercial loan where the rate/costs might be higher and the amortization possibly lower as you wouldn't be able to get a traditional residential loan (to my knowledge) on this package. 

Is it possible to 1031 exchange farmland for a commercial or multifamily property?

For 10+ years, I have been involved in commercial real estate business on the construction management and leasing side.

A little about me is that I'm new to investing but have years of experience in the commercial general contracting world which is what I currently do full time in D.C.

But long story short - make sure you have the cash or access to cash to fund the unexpected.