Get a qualified contractor to verify the cause and then make the necessary repairs.

Furthermore, during the rental period, expenses like repairs and insurance were deductible, but these deductions end when the property becomes a primary residence, with only mortgage interest and property taxes potentially deductible as itemized deductions.In short, converting a rental property into a personal residence can provide some tax advantages, but you’ll need to account for taxes on both the depreciation and the portion of the gain from the rental period when you eventually sell the home.

Inspect for any rot or damage periodically, and replace or repair sections as needed to maintain its condition.Potential Upgrades / Considerations:Security:Enhance security with robust locks, a video doorbell, and exterior lighting.

Quote from @Devan Dorzok: $60k in repairs?

Very affordable fees, will end up being around 8% annually (excluding maintenance and repairs).

Her grandfather has a home (in Nassau county NY) that needs serious updating and some significant repairs.

They didnt refi, then tried to sell because they found repairs they apparently didn’t know about.

So far sticking to timelines and more repairs then we hoped for have come up.

I would personally never buy a condo for a STR.HOA feesToo many rulesRules can changeUsually too many other condos therefore nightly prices are depressed.New assessments for upgrades or repairs can be costly and you must pay them. 

My dad lives in the area where I want to buy and is a contractor, but maybe with the time my husband and I have personally, we would consider a smaller, more cosmetic repair on a house rather than jumping into our first big rehab.