The above issues are extremely common with all properties I buy, but what I buy are pre-existing multifamily with some meat on the bone. 

If an investor is not accredited then they MUST be sophisticated per SEC Rule 506(b) of Regulation D and you must have a pre-existing and substantiate relationship. 

The only criteria is that the owner must not be aware of a pre-existing drain line issue.

As the zoning code changes, they don't require pre-existing buildings to necessarily conform if it would be a significant hardship to do so (Like tearing them down and rebuilding).

I understand your thought process on minimal maintenance, but rehabbing a pre-existing structure can do that, for much less money than the cost of new construction.Factoring in the inflated cost per sq ft of new construction ($300+) right now, land, permitting, holding costs, landscaping, it will be hard, if not impossible to cash flow.Have you looked into doing a rent quality rehab in a secondary market (Rio Vista, Vacaville, etc)?

You may pay more per unit put you won't be having to fix preexisting problems. 

Hello I am A new landlord that’s taking over a property with a pre-existing tenant.

However a 506B is a type of fund that requires the sponsor and the investor to have a substantial preexisting relationship before talk of an offer can occur.

I'm looking for a rehab rental investment property in Washington, nearby Seattle, Bellevue, Kirkland, or other nearby areas.The type of rehab I’m looking for is cosmetic (such as, renovating, bathrooms, kitchens, flooring and at most adding bedrooms/bathrooms, and/or additional square footage if there is existing foundation from pre-existing structures), and not complete tear downs and re-builds from the ground-up.I'm interested in Single Family Homes or Small Multifamily 2-4 units under $1M.I’m looking for a realtor with strong connections (with lenders, contractors, and property managers) to build a strong business relationship with that can help with evaluating rehab costs, ARV (After-Rehab-Value), comparable in the area, and rents (before and after).I'm researching about the different areas but would like to network with people who have boots on the ground in (or nearby) Seattle, WA.

If you have that much cash it would actually be more efficient to purchase a pre-existing fourplex, put the 5% down and get some concessions to buy down your rate.Hopefully that all made sense.