No, it was left for City building and safety purposes.

I’m looking at a duplex to fourplex for my first property and just want to make sure I have enough of a safety net before I jump in.

The tenant may decline to provide the name of the perpetrator for safety reasons.

Dear Tenant, In order to ensure your continued safety and meet current code standards, it has become necessary to perform extensive modernization of the elevator system in this building.

I want to work with partners who understand the value of a contract projects everyone involved and serves as the safety net when our memories fail us.

Duplexes can be build for around $85-100/ft2, assuming middle grade finishes, this does not include land or soft costs.  3-4 unit building would be a decent amount more on a $/ft2 basis due to the use of different code and the increased fire & safety systems. 

If you've leveraged yourself out maximally, refinancing your property every chance you get and keeping razor thin cash flow might result in negative cash flow if things turn.

I don't need the cash flow now, and whether I'll need it then isn't the point...the goal is to have this safety net that I know that no matter what happens to me that income will be there.The "lend hard money" route might not be the best route for you if it takes up a significant portion of your liquidity. 

He purchases a distressed property for $60K, rehabs it for $30K, and puts the remaining $10K away for a safety net. 

Be aware and jump on it with safety net.