But he could establish distinct and separate credit. 

Which supports your argument earlier, a vertically integrated GC that is doing rehabs themselves has a distinct advantage. 

What other things should I be looking into and what other due diligence is mandatory in this circumstance?

Is this too much or too little based on the circumstances?

Firstly, that probably means it's a better deal for the seller than it is for you, but, I don't know all the surrounding circumstances, and, I do believe buying is better than renting!

I have some personal circumstances that would make it difficult, but not necessarily impossible.

Both communities are build by Bardis Homes, but in two very distinct settings just off of "the grid" / downtown Sacramento.(1)  The Good Project by Bardis Homes in West Sacramento (total units: 27 single family homes)List Price: $466,203 (closeout phase pricing)3 Bed/3 Bath (3-stories high)Square Footage: 1,880Amenities: River Walk TrailsOther Notes: Homes have medium-sized backyardCommunity Completion: April 2018(2)  The Mill at Broadway by Bardis Homes in Sacramento (total units: 800 single family, penthomes, multi-family)List Price: $430,000 (pre-model pricing)2 Bed/2.5 BathSquare Footage: 1,045Amenities: Master Planned Community with a public market, parks, & trails. 

Typically existing work is grandfathered in when new work is done.There are very few circumstances where a building must be brought fully into compliance with the very latest codes. 

Allot of them do nto buy right and when they leave or have to leave, they cant sell under typical circumstances because they will lose $ and they don't want to be a landlord. 

@Chris Williams  I believe that you are talking about the distinction between a traditional IRA and a Roth IRA.