Quote from @Drago Stanimirovic: Raghavendra,This is a major red flag.

In my experience it is common and customary for the landlord or builder to provide TIA, tenant improvement allowance, to the tenant to assist if not cover the majority of the internal buildout. 

The majority of homes are owned by homeowners not investors so they fail to put themselves in the shoes of a homeowner or look at data from the standpoint of being in the minority. 

And hands down the #1 violators of tenants rights (I mean legit cringe stuff) are those large communities, not investors like those who make up the majority of BP. 

We run into this especially at out parcels in grocery anchored centers, and our users generally can't make a ground lease work for the business case so the next best thing does tend to be the BTS or we often do Reverse BTS deals where the majority of the building design and management etc is done by the tenant. 

You can often uncover major things with a little research before you view the property - Ages of appliances, HVAC system, foundation/cracks, plumbing leaks, small electrical things (bring an outlet tester), signs of previous leaks, termite damage etc.

The major project will be the floors.

The area is very desirable, great schools, restaurants, shops and major airports close by. 12 mins from downtown St.

The lease has a clause where if full rent is not paid by the 10th of month, I am allowed to evict as he broke the lease agreement.I am willing to work with him but overall I would like him to move out as I seen major signs of depression and hoarding behavior but I don't want him to turn into a squatter.

If the repairs are manageable and you’re getting at least a 10-15% discount, it can be a great deal—but avoid properties with major structural failure or uncooperative sellers.