I think it's a good idea to take caution and keep cash reserve for rainy day (also gun powder dry to get cheap property in down turn). if your portfolio is sfh then you going to have a bit harder time.

It also doesn't have to take days... they sell quick dry mud and could be finished up in a day if it is a limited area. 

The in-place rents for the cash outlay are pretty low, but that's all relative...the repairs seem excessive...assuming an ARV of $650k and cash out at 70% LTV lands all of your cash back in hand if you do not do the reno...use delayed financing. $525k all in with ARV of $650k changes things quite a bit...you can't pull all your cash back out, but getting $350k back may work...What is your possible appraised value as-is? 

Actually everything is smoothed back over with the tenant an @Nathan G. as you mentioned in another post prior to deeming uninhabitable someone at the city should decide that the water leaking in is in the garage and it is not excessive maybe things are not translating well over posting on the forum. 

I'll PM you for specifics on location (I'm paranoid, I suppose).Few more details on the units:101Month-to-month lease (MTM) $850 + $200 RUBS2 bed/ 1.25 bathWash/dry access in laundry room next to unit shared by 102879 SF102MTM $850 + $200 RUBS2 bed/ 1 bathWash/dry access in laundry room next to unit shared by 101792 SF201MTM, $1450 + $375 RUBS3 bed/ 2 bathWash and dryer in unit1,548 SF202Lease ends 9/30/19, $900 + $270 RUBS2 bed/ .75 bathWash and dry in unit653 SF

But, if you are willing to do more significant rehabs, you can probably find ones with over $10K of equity capture and cash flow in excess of $400/mo. 

I could pay $20k to dry one out, or I can save $20k and be like every other place.

@Mike StadelThere's two ways to do it depending on the renovations necessary:- If it's a short term deal, the investors can wire the full amount to the title company, who then cuts any excess checks made out to both parties.- If it's a longer term deal the investors could wire a portion of the capital (enough to acquire) to the title company to acquire the property.

As you probably already know, entity protection is not really a cut and dry standard, it's a cross reference between the value of the asset, the risk or liability the asset possesses. 

My house is not 100 years old and has wood siding on it.I replaced a couple of pieces from dry rot 6 months ago and now I have a couple more pieces.