Corners get cut, codes overlooked, things get patched....that should have been replaced...I have seen "rehabbed" houses that make me want to cry for the poor sucker who bought it & is now paying my company to fix it.I like your idea Kim of finding a much smaller commitment for Leesa considering her experience.

I don't think I want to go with owner financing for my first deal.Conventional Financing and Property Management are lined up, but the estimate for insurance should be on the high side.Structure Details:Unit 14 - 2 bedroom 1 bath2 stories, built in the early 80s, brick and wood siding3 of 4 units currently rented month-to-monthRent ranges from $625 - $550 (tenant pays utilities)Mixture of tile/carpetSome units come with washer/dryer, but all have hookupsMetal staircase needs to be repaired or replaced $$$Roof is in bad shape, needs to be patched or replaced $$$Fascia and soffit  on 2nd story needs significant work as it is hanging with visible rotOutside AC units are a mixture of old and olderComps for nearby 4 plexes average about $165K on MLS (realtor friend pulled them)Tax Assessor Value $159,000Roof, fascia, and stair repair estimate $19,000 Unit 2 4 - 1 bedroom 1 bath 2 stories, built in the early 80s, brick and vinyl siding0 of 4 units currently rented, and seller said that he hasn't put any effort into finding tenants (red flag?)

There are some rough patches in the property that would have to be fixed up in order to qualify for FHA financing.

Entire walls missing down to the studs, patches of the ceiling gone, pieces of the pier foundation caving in, windows missing/broken out, etc.

Have someone put some form of patch in place for now.

Or should I just keep it, fix the existing popcorn ceiling and patch up other areas?

The estimate included:Complete paint Some Ceiling work to fix patch items Minor Drywall repairs Blinds Locks replacement Complete Clean top to bottom

Its funny because if you tell them you are a motivated seller and are ready to go, you still can't get patched through to their "Acquisition specialist" you just keep getting the run around. 

Even if they did they will patch it and do it the cheapest way possible and you will end up fixing it again in a few years.

Floor Refinished-$2,500 Windows-3 years old Doors- $1,500 Full Paint $3,000 Bathroom(optional) $3,000 Hole Patch Up-$500.00 Kitchen Floors-$1,500 MISC- $3,000K TOTAL-$15,000