In addition to that, we like to check with the police, fire, insurance, sex offender status, and anything that might affect the operations of the park.

It’s the forest park area of Atlanta btw

You do have a small fee for the 401k loan and risk a tax bill if you get fired. 

However, the fire dept told the owner that they have completed everything they were obligated to complete.

@Steve MaginnisI'm with @Eamonn McElroy: let's not overlook the forest behind the trees. 

What fire station do you work at?

at least you'll have the fire code requirements nailed down :))I agree with @Aaron Montague it's not a viable deal with only 4 units.

If you're not going to have a contractor or building official involved then I would leave it to the property manager to point out obvious code deficiencies especially concerning safety issues like fire / smoke / CO detectors or railing height issues.

I hope I’m not getting myself into hot fire.

And if you converting to 3 units or more they may have you install fire suppression system (sprinkler system) that may be very costly.