Getting seller to do repairs. 

I got a very good price on the building (about $25k per door), but it was a ton of work as in addition to tenant issues, there was TONS of physical distress (foundation repairs, sewer line and water line repairs, electrical upgrades, new roof, and apartment renovations needed for all units). 

However, the risk of significant repairs is not to be taken lightly. 

I have just over $200K left of owner-financing, but I'd like to obtain a cash-out mortgage/loan of $500K (ideally) to be able to pay off the previous owner and make some repairs, etc. 

I have had to put students on a repair program to help them after doing this very thing.

I've since had to do a service call for the fridge and had to replace the oven recently as the repair was going to be about as much as a newish used one that was in great shape. 

@Yents Ybrimovic If the 203k loan only requires 3.5% down and you can finance all the repairs in the loan - then what exactly is your friend contributing?

If a landlord needs to enter a property for an inspection or repair, a two-day notice is required.Our Governor passed anti-squatting legislation a few months ago which allows owners to have the police remove them as opposed to before where it was considered a legal issue for attorney's to deal with.

would be interesting to hear how "bottom-of-the-barrel" these questions can get lol(I can also hop on the phone sometime and chat throw if you prefer and are open to that)Getting neighbor signatures could be fantastic!

You are best off getting a plumber out there ASAP to identify the leak and repair it.