I'd have serious concerns for electrical, plumbing, HVAC, and the age of the windows, roof, etc.

So it would mean that any income/cashflow attributable to the 401k's ownership CANNOT go to you (or an entity owned by you, or one of the enumerated related parties or an entity owned by them) - e.g. acquisition fee, management fee, plumbing expenses if you do plumbing work, etc., but must go to an arm's length third party or stay within the confines of the 401k.I would not recommend it.But, it might also not be allowed anyway.

Another they turned off the thermostat and failed to turn it back on, resulting in frozen plumbing.

Others put crap down the drains or disposals that lead to plumbing issues.

At 100 years old who knows which have 5 years old electrical and plumbing and which are lead and knob/tube. 

We learned after the purchase that the house had plumbing and electrical issues.

Some mistakes we made: We learned after the purchase that the house had plumbing and electrical issues.

New wiring, plumbing, appliances, flooring, everything) We would have been much less surprised if it came in at 215k. 

And we're not talking about just new paint and flooring, I'm talking about new exterior paint, new interior paint, a new roof, new back deck, new windows, 48 recessed led lights, sheetrock repair, all new interior and exterior doors, a brand new kitchen a new bathroom and an additional bathroom, new plumbing, new water heater, an entire AC system, a rewire and new trim and facia and flooring, and now it's a 4/2I drastically underestimated the cost of the rehab, went over by 35K.

Electrical and plumbing vary a bit more.