Thanks Michael, There is definitely a lot of work to be done:- Paint is pealing off all the walls- New appliances for 3/4 units- All units are required by the TWP to be connected to sewer now- Bathroom rehab for 3/4 units- Above ground oil takes removed and boilers replaced or retrofitted for NG (This is more a nice to have)I asked the owner if he would be willing to do owner financing and he said no...

Bust out the ozone machine and oil based primer.

The setup is as follows: 2 family, separate, propane for cooking and heating oil; shared electric (one meter for building); septic and well.  

North to south you're looking at Aventura, Morningside, Edgewater, Brickell, Coral Way, Coconut Grove.

This is not at all the case if you have to pay for other people to install tile for you.About the wood: there is no other flooring in common usage that will outlast 3x oil-poly coated 3/4-inch oak strip flooring.

I hope someone can help with what kind of big expenses  are in the multi family properties i need to know when looking for properties(can only think of roof, deck, insulation , heating system )Also, Not sure if I jump ahead but I am trying to sort out all the related expense for rental property below with my conservative estimate per yearProperty management fee (10%)insurance :2500property taxes: 2000 -3500Owner paid utilities : 2500( in case of paying oil burning heating system , if tenant pay their own electric heat so i guess i can eliminate this expense)snow/lawn: 1200Accounting cost: 100Vacancy reserve (5%)Maintenance reserve (10%)Can anyone give the idea if i include these expenses correctly ?

You'll get ventilation and filtration.Ductless doesn't provide ventilation.But it is much easier to retrofit.It depends on how much you want to put into it, and how nice you want the finished product to be.When you say "heat" do you mean propane, gas, oil or electric?

., buying oil companies when they crashed a year-and-a-half ago) can work for us.

Gas meter(instead of oil) 7.

Once again, heating oil can vary wildly depending on how well a property is insulated.