Recently, a common pipe within the building caused damage to a small portion of the floor.Thankfully, the building’s management company accepted responsibility and would like to move forward with repairs.

I'm still learning the technicalities of this, so forgive any errors in my summary.Essentially, everything has gone smoothly in our due diligence thus far and I'm told that our mortgage (conventional investment loan) is fully approved.

As Dave says, this is considered a 1031 exchange as Dave says trading in into and out of land and farm land is fairly common.

The thing that would concern me the most are the smoke detectors in the common areas (hallways and basement). they are supposed to be hardwired and connected. if one goes off all of them should go off. fortunately for you that is something easy to test.

Leverage is a common tool people use in the stock market to enter a position they don't have capital for.  

More commonly I see 6x yearly revenue.

Square footage is historically more common. 

Most people don't which means you will have to get a construction loan which isn't a very common thing and is a very niche loan on my opinion.

A few years ago 7 caps were more common but so was 5% interest.

What are the various inspections commonly done for a house built in 1958, apart from the general inspection?