I dont know your market, but if central air isnt a common feature, then I would forgo adding it.  

The former owner has volunteered for forgo $200 from my monthly LC payment to cover the cost of a used refrig and stove.  

If you remember the TV show "Name That Tune" the contestants were given a clue about the song (market knowledge) and then to get the prize (property) they had to bid (cap rate) on how few notes they would have to hear to identify the song.

When it comes to auction bought properties, do any of you hire a home inspector prior to hiring a GC and starting the rehab, or do you just forgo it all together? 

As for going to school or not, I'd look a few years down the road.

Like Tom Petty S song You Got Lucky.

I bought a ton of coin-op dryers for a song for my multi-family properties and thought about opening a small laundromat. 

If you are lucky, that will solve the problem, but most likely, because the cheapest fix possible was used, you can expect the same song and dance with another fix on the same thing a couple months later.This will be very problematic if you have a tenant in place, because they probably won’t want to be without hot water that long, and scheduling the vendors will also be complicated.They are also really good at fighting even legitimate claims.

Just like the Kenny Rogers song goes.

I would certainly advise against forgoing insurance.