See finished work, production technology, the specifics of the work as whole.

The math does not lie.

The most economical and code compliant replacement is to use a GFCI receptacle or if possible, in the panel using a GFCI breaker.Ground Fault Circuit Interrupters have been around since the 1980’s in receptacle form and technologically have developed significantly in the past three decades to the circuit breaker and use in the panel, protecting the entire circuit downstream from the breaker.

Technology?

While he could "technically" get away with this he is ultimately lying to the bank if he is not actually living there.

I would by lying to if I said I know what I want to do exactly with my life, I have general things I want to accomplish, but I don’t have everything exactly figured out.The path becomes clearer through experience.

I don't know enough about it, but I'd probably guess the category of the property lies within industrial real estate. 

You should only pay for something like that if you have that kind of money lying around and won't miss it because you have the means to get it back easily....not to get the money in the first place.  

Jay said, “the devil lies in the details”.

Being in technology, I would say that; the domain better be a pretty big part of your strategy to generate leads / capital etc.