I wanted to have a spot to rent out and cover the monthly mortgage payments while securing a small spot to have for myself in the next 30 years for when I no longer reside in Charlotte but want to visit friends, or downsize.

Oh Boy, I went browsing today......and I found an old building with reatil space (leased) on first floor and 2 separate attached Studios, and a 1 bedroom apartment. 

I've read there are pass/failed inspections that let you walk out of the deal but you don't get to ask the seller to make any changes or credits.

You would need to file a proof of claim for the monies owed and hope you secured it by a deed of trust.

Were you looking to acquire more homes for that specific property? 

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.

Florida states define unlicensed real estate activity as a 3rd degree felony.

Welcome to BP, Josh!

Sounds like a good deal and you must be handy to have done all that work.

I would be inclined to not hold on to a cash flow negative property, I see our costs only going up.