If the breaker has been replaced and the area around the main panel doesn't reek of burning plastic (electrical components melting  smell about as distinctive as burning hair) there is no safety issue. 

The business is a hair salon it has three seats and one is for rent.

OK, if 240 is just a hair under market value, I'm confused as to how this is a great investment, unless you are expecting some crazy appreciation or can rent it out for some obscene number. 

Picture a complex multi-1031 exchange with clock ticking, hair on fire.

For this fact alone I your default has to be there is unknown hair on the deal.

@Matt Katsaris To be honest I didnt even know what a tri tip was until I did a remodel for a Cali transplant here in Texas.

They wouldn’t put a fire hazard in a 5 and 6 year olds class room where we live.According to your theory your tenants shouldn’t have a stove, hair or clothes dryer, or anything that could cause damage to your units it sounds like.

I could do more deals if I was willing to be more leveraged, but all that results in is me losing more hair because I start to stress about it!

I run a commercial recording studio and she owns a hair salon.

My wife has a hair salon and has a digital sign that we advertise on.