Because of your loan size, I would advise to buy the rate down using up to 2 points as those usually have the quickest ROI for the payment savings and you will not see rates drop low enough probably to do a refinance that makes since as it would take longer to recoup the cost of the refinance.HomeStyle Renovation loan does require all work be done by a GC so you cannot help with the repairs. 

The worst of them refuse to make repairs to 100 year-old buildings, creating a slum lord problem and giving all of us a bad name in the eye of the public.

His roof ‘inspection’ was done with binoculars and he missed almost a 5k repair that was fairly urgent—so you may not want to use that co. either.

Your real life returns will be slashed due to - higher vacancy rates, high maintenance and repair costs, non payment of rent, eviction filings.Here are some good cardinal rules I follow:1.

maybe some light repairs after the tenant moves in...so your first few years after a purchase are typically stabilization, and you investing your money into the property.

With the building repairs needed, that lease price does not make a bit of sense.

We repair roofs for our properties all of the time.

Concessions: Ask sellers to cover closing costs, repairs, or provide price reductions.

@Cody M.I would add a Phase I Environmental Site Assessment as a contingency to any offers on properties more susceptible to environmental issues (dry cleaners, gas stations, auto repair garages, etc.)

Plus the gray area between who's responsible for repairs.