Everything else -- as we make various updates over the next few years, we would like to update the electrical and plumbing (unless other landlords think that's $$ poorly spent).

I've replaced all electrical upstairs, but the lower level is knob and tube, the plumbing is in poor condition.

For example, if I am not bound by a law regulating the industry is it better for me?

In some places, you can use PEX plumbing, while others require COPPER.

Any structural, wood rot, plumbing, or electrical issues..

We clean all P-traps , check all plumbing , re caulk , check furnace/ac look in attic and crawl space .

Get everything looked at electric, plumbing, etc... get it all in writing by licensed contractors.Hope it all works out.

Also, what are laws and regulations I should be aware of in NC for a lease to purchase?

The notion that Lyft or Uber should be illegal is absurd, and yet we see police running stings for Uber drivers in some cities.So in conjunction with good realtors figuring out how to changed their business model over time, I fully expect to see the NAR pushing "consumer protection" measures that require agents/realtors.And, if you will indulge me in trotting out one of my hobby horses, this is one of the reasons why it is a really bad idea for the "REI" community to be pushing/engaging in questionable practices that will provide the justification for those bad regulations.  

I have a check-list that inspects for a series of items: soil condition and drainage (includes gutters and foundation), landscaping, roof, exterior/interior walls (especially around doors and windows), plumbing (under the sinks and toilets), flooring condition, etc.