On-site laundry mention, fully equipped kitchen?

Plus a garage that can house a full size truck and all my equipment. 

You won't give up yet....after a while you finally find a gem,  but it ends up being a total rehab or gut project and if you are not equipped to deal with that or have the knowledge or time to do it....you are now bummed and decide that you can't in fact be a real estate investor and now you are going to have to suck it up and work that 9-5 job you hate forever and hope your retirement account is healthy when you retire.

I've known a few people who had to do this and in the poconos (cheaper labor costs) it runs about $15-20K for full replacement (remove old, add new system, plumbing, permits, use of heavy equipment, etc). 

You will have capital expenses that will be depreciated over time, ordinary costs such as utilities expensed annually, and possibly some accelerated depreciation on some equipment. 

It was a chiropractor office on the lower level with an apartment upstairs that still has the x-ray machine/equipment and patient x-ray films.

Tenants do not report leaks and/or the equipment itself is leaking, causing problems.  

I have the equipment to test the pan with, moisture meters, FLIR camera etc.

Stephen,Thanks for sharing, and the best way to learn is exactly how you did it, jump in. having someone else with some experience does help but doesn't always sink in until you do it yourself. as far as the mechanical equipment, yes you may have gotten a couple years out of the ones you had, but now that you have new equipment you do not have to worry about those for another 12+ years. that's the first thing i look at with houses and figure on replacing as soon as i purchase the property, depending on how old it is.

Yes, each room is already equipped with coffee machine, TV, and cable.