I plan on going.

This leaves about $10K to cover all ongoing exterior maintenance repairs, plumbing issues, appliance replacement, yard work, plus creating a reserve for parking lots and roofs. 

Honestly negotiations are always ongoing.

They are on the hunt for money now when in the down turn they were keeping taxes flat because if they raised backed then almost everyone appealed because they were hurting with the economy.Some of my clients have some ongoing appeals right now and the properties are in the tens of millions so the taxes are substantial.       

Although the nature of repairs is generally somewhat ongoing, you know?  

Thank you @paul timmins I am planning on going to a few next month.

I've been enjoying all the podcasts (wow, they are incredibly informative), and just getting to know how to use BP as a tool in our ongoing RE quest.   

Maybe you can help this person in two ways by having him owner finance:1) provide ongoing revenue in his retirement.

I have not seen a $10,000 repair on $30,000 purchase end up being a success, unless  you are seeking high risk and high reward, I think you need to take high reward out of the equation, because you will find yourself exhausting money to replace tenants and complete on going maintenance.  

But once that election is made. there are restrictions on going back to partnership taxation.