But there are things such as minor repairs (update a pipe on a radiator etc).As for why more than 6 units a year = simply to have passive income so we can take care of our kids, my parents and leave grandkids with something.

Have you exhausted all your options? 

There was a pipe leak in the house and plumbing issues.

Well it was an old build and had cast iron pipes.

Remember polybutylene pipes will also raise the cost of insurance.A buddy of mine recently had to pass on a SFH he was buying as a primary because of this.

Wow @Ross Denman, that was exhausting guide.

Pipes?

As a rule I generally assume expenses to be 50% of the gross income for my first look evaluation no matter what expenses the seller reports (unless its more than 50%, then I will use their number.)From there you can get into more detail on what type of capital expenditure budget the property might need depending on what physical condition and what strategy might be best.As far as due diligence once the property is under contract, or maybe before in some situations you will need a much more exhaustive list.

Deal #2 is coming down the pipe.

But if you find hidden defects they will sometimes give you a credit for it.Around here lots of houses from the mid-1900's used clay sewer pipe.