I have been told every reason from city codes to the weight of the old shingles.

I am not a big fan of changing layout because you can run into a whole of structural problems running plumbing through subflooring, weight of bathtubs,etc.

The property was last inhabited by people who were getting kicked out, and sometimes people in that situation will purposefully do damage to the property (or at least have disregard for upkeep);2.

It's a fact that some of the markets that got hit fairly hard also have local banks least willing to lend, because many are over-weighted in 1-4's, whether they're performing, non-performing, or REO.

In a few more years of tenants I'm afraid the drywall may need removed and new studs put in.I'm considering purchasing a flat panel wall mount that will fit the size and weight of most retail TV's and installing it myself and making this part of the lease that the wall mount can't be removed.This rental is in a higher end development so the concern of the tenant not having a flat panel should be slim.

You could get some commercial financing and pick up a solid APT building that has some deferred upkeep and needs some rehab.

They are getting tired of upkeep, maintenance, renting duties, etc.

Sometimes $600 in upkeep is identified, and I have him spread it out over 4 months.

Who is responsible for repairs and up keep during the lease period?

Speak with a RE attorney, it might cost you $250-350 but its going to be well worth its weight in gold.