They probably won't have much good to say, and then you'd feel like you've made the wrong choice even though the vacuum you purchased is good for the job.My alternative suggestion would be to talk to local building regulators / inspectors, and see if the roof replacement would need a permit, and an inspection.

Other companies require that houses built more than 25 yrs. ago have updates to the electrical, plumbing, roof, and heating. 

I design HVAC and plumbing systems for buildings and work on many similar projects to yours.

Here are details:Purchase Price: $92,000 (appraised $95,000)Built: 1910Insurance + Mortgage = $507Management = $95 (10%)-The House will come with new kitchen, hvac, plumbing, new fridge-The house will not have washer/dryer however.

If your 'silent partners' have 1. invested money 2. been given a promise or an expectation for a return 3. are relying wholly on someone else’s efforts in the business (i.e. you)... then the SEC considers them investors and this is going to be regulated by securities law.As to how to structure it, if you're going to be finding the deal and managing everything then you can do something as simple as provide yourself 20% of the deal.

What happens if within the first 60 days you have to replace a hot water tank, HVAC system, and have a major plumbing issue where the entire house plumbing lines have to be replaced and you're out $20K+... 

Looks like they have a fabric covering over plaster that is sagging due to a plumbing leak.

The plumbing, the roof frame, the sheet rock.

Can/Is he ripping me off or is this federally regulated therefore no worries?

Remember facts and evidence make the case, do not walk into court expecting to win simply because you believe you are right.PS: you may actually have to do a official eviction prior to going to small claims court.Read up on your state landlord tenant regulations first.