I suspect the home doesn't have all modern mechanicals. 

However, you will have to know the mechanics of setting up your fund.

I agree with @Sylvia B. that it depends on the tenant but I tend to get tenants who are less mechanically capable rather than more.

You may wish to confirm that the new 401k provider has experience with the particular investments in which you intend to invest your retirement funds as you very likely will have questions in terms of the mechanics (e.g. how do you invest in real estate, etc.).3.

If the deal is still good based on #3, we do our DUE DILIGENCE which in turn comprises of auditing the financial information related to the building (we look at bank statements, tax returns, copies of utility bills, etc), inspecting the building (we inspect all the units, inspect the mechanicals and structural components of the building), and assessing the potential of the location (we talk to city officials if we don't know the area, we walk the neighborhood, we order a Tapestry Report, we look at building permits, talk to builders to assess what new builds cost and how much rents they can get). #4 is the longest part of the underwriting process and it's where we make the FINAL DECISION whether we will proceed with the deal or not (or RENEGOTIATE the price/terms).

Mechanic's liens can be effective if applied in the right way and the attorney handling them effectively applies pressure to the debtor. 

He was to Demo house along with a shed that he never demoed, level the house, install dirt because the house was collecting water underneath, install all new mechanical and electrical lines, install new sub floor, frame entire house, etc...

Put more of an emphasis on what you want in life vs.

Hard money is funds to purchase a property secured by the investment itself so there is less of an emphasis on the borrower's ability to pay and more on the quality of the asset being purchased.

They may or may not require inspections on mechanical, plumbing and electrical.