I am a recent college graduate with a degree in mechanical engineering, largely influenced by the idea that the only way to make a living is to secure a degree and land a job with a good income. 

We've gotten all of the mechanicals up and running (finally - took nearly 3 weeks just to get an electric meter installed) and are now moving to the roof. 

He is a mechanic.

For the property I will be checking out mechanicals, structure, piping types, drain piping, HVAC system, overall property condition, and work needed. 

They require move-in ready and solid mechanicals. 

What's the age of roof and mechanicals?

I am also in the process of opening my own mobile mechanic business, but again we won’t have two years of owning that business under our belt.

A lot of hvac systems use flex ducting and those are pretty easy to T off of since no sheet metal work is required.You will want to do some more research as the county may not consider your conversion a 4th bedroom unless permits have been pulled for electrical and/or mechanical.

The problem is there is language in the contract addendum that says the bank is not responsible for any mechanics lien, materials lien, or tax liens which were present before the bank gained possession.

There are 100 other issues that could come up with this arrangement (e.g. premise liability during rehab, mechanic liens, construction delays that lead to further holding costs, etc.).