If you are doing a paint, flooring, countertop, and some hardware fixes is you will not need permits.

The foundation has a crack where you can see they tried to put tar or flex seal over and there is heaving in the floor.

2 - How many floors?

One particular property that I looked at was converted from single family with a one bedrom unit on the first floor and two single room apartments on the second floor. 

Complete New Roof, new MEP systems, new drywalls, new floors, everything new Lessons learned?

Each unit features 2 bedrooms and 1 bathroom, providing a total of 4 bedrooms and 2 bathrooms across 1,684 sq. ft. of heated living space.Key Features & Upgrades:New Roof for long-term durabilityFresh Exterior & Interior Paint for a modern and inviting lookNew Interior & Exterior Doors with updated locksets for added securityLuxury Vinyl Plank (LVP) Flooring throughout, combining style and durabilityFully Renovated Kitchens featuring brand-new cabinetry and quartz countertopsUpdated Bathrooms with new tiled tub surrounds, vanities, and toilet seatsNew Light Fixtures & Mini Blinds installed throughout the propertyComplete HVAC System Replacement for Unit 686 & New Condenser & A-coil for Unit 688Plumbing Upgrades including new water heaters, updated faucets, leak detection, and a cleanout drain installationSecurity & Hardware Updates with rekeyed locks, new smoke alarm batteries, door hardware, and cabinet adjustmentsNew Landscaping to enhance curb appealThis turnkey property is ideal for homeowners or investors seeking a low-maintenance, move-in-ready duplex in a prime Memphis location.

Hi all,  I'm in the early stages of planning a development of a lot I own in SE Portland. 

If you're cash buy and hold, then maybe you just leave it and work around it with uneven floors. 

Main project was to take out the old boiler system and upgrade that for the radiant floor heat.

Quote from @David Robert: Quote from @Jaycee Greene: Quote from @David Robert: I recently became aware of a very cheap property (roughly half of after repair value) and upon looking at it in person I found out why it was so cheap: there is severe cigarette damage throughout the 1st floor (basement less so, but not entirely without damage); there is visible dripping tar on every wall and the smell is awful.