Bought 2 4-plex Rentals in Las Vegas - Costing me tons in Repairs - Advice Needed

[Bran Scott]

Hey - In March, I purchased 2 4-plexes in Las Vegas as an investment. I worked with a realtor, got advice, and got inspections. I live in CA, and am paying a local property management company to manage tenants and repairs. Both properties were fully rented. Based on the inspection, etc., I planned for around $15,000 in basic repairs up front, with another $5,000 per unit for upgrades when the units turned over. Since purchase, in addition to the basic repairs, I've had 2 evictions, one of whom trashed the unit, for around $22,000 in additional repairs. Now the PM is telling me we have mold in one unit and the laundry room, plus cockroaches (another $2,000 to fix). I'm totally new at this, and this is not what I expected in the first few months of ownership. 

Questions: Is this just what to expect from buying rentals, and (regardless of expectations), what can/should I do?

I don't have the money to keep repairing at this rate (especially being down 2 units). Should I try to sell without repairing (taking a loss even if I could find a buyer)? Is there a possibility to get another loan for rehab, fix everything up, and then try to sell and pay back the loan? Do I hang tight and pay out of savings, hoping it's worth it in the long run? 

I'm also open to paying someone for a second opinion outside of my property managers on what needs to be done. Help, and Thanks!

[Michael Robbins]

@Bran Scott if you have not already done so I suggest get eyes on the property and see for yourself.  Visit in person to try and gauge the repairs.  Ask your property manager for at least 2-3 estimates on anything over $1,000.  For example, the $2,000 roach issue would be a good place to start.  I would push the managers to get the estimates asap and get the work done asap.  Hesitancy and time are the killer due to vacancy.  

If you purchased the complex under market then maybe sell.  I would re-run sale and rental comps.  Good luck.