What to look for when inspecting a property?

[Alessandro Struppa]

All,

What should I look for (property condition) when buying a property? What are the big cost items and do you guys have a checklist you use when inspecting?

Thank you!

[Greg Scully]

@Alessandro Struppa - You can google a inspection checklist to get you started.  I would recommend getting it professionally inspected, especially if you are new.  It can run $30-200/unit, but I think it's a good expense.  Paying a pro and being there for the inspection will give you a lot of insight.  

The other replies hit on most of it: foundation, roof and mechanical/electrical issues cost the most.  Read up on outdated and recalled electrical panel identification, some of the old panels are uninsurable. Central boiler/chiller units are very expensive to fix and replace. Flat roofs come with an entire set of problems too.  Look for HVAC stuff older than ten years.  Water damage to subfloors, ceilings and the associated mold problems, insect damage, etc etc etc.