If a fish tank is in an upstairs apartment, a leak would cause damage to the downstairs apartment and double your repair costs (or more).

So the property I bought had previous termite damage and we are having it repaired and treated however.

Pretty much you buy a property, then quickly sell it to another buyer without making any significant improvements or repairs.

The repair quote was over $1,200.   

Repairing well $16000.

There has to be an account in the middle for repairs, renovations, etc. and you want to know how that will be disbursed and if you need a workflow between you.If you decide to do it, just start small with an asset that is as close to can't lose as possible so you can fine-tune your collective process.

You also have PM, repairs, vacancy, and capex on rental property.

Not to mention, they also snipped all of the wiring in the basement of the home running all over the house, so there is also major electrical repairs needed. 

Let's assume there is no CO obtained immediately after the sale (will do later after repairs are done), and no township or local-level inspections requested.Is the township automatically notified by the county of the sale or is there some mechanism by which they would learn about the sale and update their records, other than by the buyer telling them about it, or applying for a CO? 

The repair work will likely involve the removal of drywall in order toperform repairs.