You should still talk with an attorney just to make sure you are protected.There are many accountants on this message board who specialize in real estate taxation.

I’ve spoken with 2 lenders who specialize in 203k loan products.

In lovely Scottsdale, you'll pay a premium just for buying in that zip code.

Inform the non-selling co-owner of  the cost of repairs that are demonstrably necessary to maintain (not to improve -but just to maintain the existing structures or to bring it up to code to the extent that you need a permit).   3. 

Matthew,Check with any CCIM’s in your area that specializes in multi family

.   :-)  Note, we invite tenants to call our office if they have special circumstances they want to discuss, rarely does anyone do this.

Sometimes though the numbers still work specially if you can get in using seller financing.2% - now that's a challenge although you can still get them from time to time, specially if it needs a lot of repairs and the seller is really, really desperate.

Obviously it is code to have the ability to escape both bedrooms in the event of fire, but could this be mitigated by a sprinkler system or is this effectively a 6 unit apartment building?

Specially, on a deal that is cash-flowing like this. 

With this one, yes you are going to want to specialize in a niche as @Dennis Maynard said: Apartments, retail, office, industrial, hotel, or self storage.