The mechanicals are working but at end of life on both units. 7.

Maybe there is some type of mechanism specific to R/E that helps here?

speaking from an electrical contractors perspective there is no such thing as insurance for uncertified work done for mechanical work and electrical.

Houses in the early 1900's might have old mechanical systems, asbestos, lead paint, old wiring, etc.I would also second the comments from @Will Barnard about the $2K repair costs.  

I think I would get myself in a lot of trouble with that without a watchful eye to guide that process.REIT's are of interest to me because of their low minimum requirements (some of them) and it's a rather passive way to invest and passive appeals to me right now with a full time job (that I would just love to replace.)Wholesaling is a time honored practice that I think I could do, if I could get someone to explain the mechanics to me.

I also do all kinds of work and consulting myself when the jobs are too small or too many different smaller things that don't make sense to bring in 10 contractors for what can take me less than a few days work (I am an electrical/mechanical engineer that has been doing construction and mechanical design most of my life)Are there any projects you are currently looking for contractors for?

I am in the H.V.A.C. business and have assisted other investors in mechanical repair and replacement estimation as well as actual equipment upgrades.

I agree with @Jay Hinrichs, a land contract can be a great mechanism to achieve control/own land.

Even if your warranty company agreed to replace a critical mechanical system there's no way you could wait weeks or even months for that to happen.

Do you try to inspect roof, mechanicals during the first visit....or wait until the due diligence period?