Sparing the fringe cases, most of these properties are literally over 100 years old and setting aside the 10% i mentioned above for repairs has worked well for clients.If you are dealing with a property that is 40 years old, that's pretty much a new build in my book haha.

Before listing it, I had lots of expenses, including painting, floor refinishing, plumbing repairs, staging, cleaning, etc.In a 1031 exchange, I purchased two small multifamily homes which also have some roof work, painting, plumbing, etc. 

. - The FHA 203(k) loan is a great way to buy a MFR as it allows repairs to be included in the purchase mortgage.

Right now, if it's just for income, you need to dig deeper and understand what you are getting yourself into for that income in terms of being a landlord and repairs.

Then after they take their fees, and any repair costs for the month, I get direct deposits to my account of the remaining balance.

Make sure both properties have all the repairs and maintenance needed and no major cap ex is needed before you try to add one on double leverage.

Right now we only list on Furnished Finder, Airbnb, and VRBO and our 3 bedrooms are usually booked by local families doing renovations or repairs on their home and groups traveling together for work projects.

I'd plan to save any profits each month for future CapEx, repairs, vacancy until we had ~20K for this house set aside.

It states there are no unresolved issues between landlord and tenant regarding repairs, Fair Housing issues, or anything else. 

.- You could also try selling to another naive investor, but you don't have the infrastructure to do so easily. 2) You'll need to evict the tenant if you haven't already.3) Have 2-3 agents tour the property and take videos of their recommendations of repairs.4) Review all of these to create consensus Scope Of Work (SOW). 5) Get 2-4 bids on the SOW6) Review bids to determine cost effectiveness of what to actually do.