Work your way through all the elements of the property and put some rough numbers to it ... then, plug those rough numbers into whatever analysis tool you're using and see if the returns are remotely close to what you're looking for. 

I fixed a drier last month for 24$ it gave me a kit with all the guts and the new heating element all delivered to my door in a day thanks to amazon prime .

you can also hire a designer to do this for you if you're out of your element.

First is environmental, condition and ownership of the pumps, canopy and any other equipment.

But I suggest this to people with bank accounts too. lots of bank accounts now have built in budgeting elements where you can create categories so you can track your spending. 

Very helpfulRe: 15% it can be a good rule of thumb, but understand that every project may break that rule due to specific issues (title, environmental, local government, design, etc.) but yes your permits, arch, legal shouldn't be blowing up your budget at 25% off the bat.

Fact is, while a $2.5MM loan is large for some borrowers, it is pennies compared to the volume that Fannie/Freddie put out and they must streamline loan elements to execute on the loan. 

However, there's a human element and I do have compassion for my ex.

@S Edward  I would check your condo's declaration to see how the units are delineated as being common elements (which would be condo association property) and unit owner property.

You could make an offer with a due diligence period to give you a chance to get inspections, and check for any environmental issues (cars leaking fuel, oil, etc... could be an issue).