I have about a year and half to go to graduate and work part-time as a helpdesk/server engineer.

I currently work full time as a mechanical engineer.

Will they sign something saying they take full responsibility if the house burns down from the electrical system? 

Apartment buildings like you bought are completed by a commercial inspection company where the inspector is usually an engineer as well.

I'm a sub 30k investor but there are lots of empty lots in my city where investment properties have burned...anyone ever built a rental?

The problem is the govt uses taxation to do social engineering.

There are several types of inspectors that specialize in particularareas, for example: structural engineers; geotechnical engineers, roofers, plumbers, sewerline scopes, electricians, HVAC contractors; environmental professionals; industrialhygienists; surveyors; etc.

I can give you a hundred reasons not to give free rent but the best is that "no good deed goes unpunished", ultimately you will get burned.

My name is Bhadri and I work as an engineer in the telecom industry.I am new to real estate world, and the reason why I joined this forum to network, learn about real estate industry so I can invest in it.I have done my fair share of research via Google to learn about investing in houses, looking to learn more before investing.

If you do this work yourself and the structure fails or the house burns down, you are opening yourself up to major litigation which will cost you ALOT more in the long run.