If you buy a hot water heater for the other unit, you can write off 100% because you have no personal use of that hot water heater. etc.

I assume you are mostly looking for leaks and water damage?

Water damage is one thing but getting smoke smell completely can be tricky! 

You could easily be $100k in for water/gas/power/sewer if you’re talking 4+ lots. 

The problem is, none of it is based on actual comps, and again, the word "cute" doesn't have anything to do with setting those numners.What you need to do is a full analysis of the comps for both rent and sold in your area. 

However, i dont want him to be able to sue me for "the water heater isnt working" "the ac isnt working etc..."

An auto body shop across the street that "stores" cars needing work there.Since abandoning the home, major landscaping would also be needed to clean up the walkway to the water.

Quote from @Jeffrey Bourque: Hello All, I am new and this is my first attempt at purchasing a property with the intent to create monthly cash flow.The property: Triplex Listed at $140,000 - Total monthly rent income $2,150 - Tenants want to stay and are all willing to sign new leases for 3 years - 8 beds 5 baths and 3,500sqft livable space on a 4,800sqft lot - Heat and electric paid by tenants and water trash paid by owner $180 month - I have managed to talk the selling price down to $105,000 with a kick of $10,000 for closing and commissions so $115,000 all in - Building is in fairly good shape according to pictures and questions but have not done a inspection yet - some general maintenance repairs are needed according to the seller but nothing that seems to bother the tenants. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.

You should look for an "investor-friendly" PM company that knows how it is just dipping your toe into the water of buying a home/condo/townhome.. 

Then things went south...I decided to gut the rest of the basement since it got water damaged from the foundation issue.