My friend was just quoted $10,000 to hook up to rural water in my state and that is a 50 foot run through sandy loose dirt.

I am not even going to go into mangement problems, tenant drama, domestic and violet crimes, vacancies and rent collection issues..I have seen the backend of the story as well, because I am getting calls from out of state investors, who have accumulated small portfolios of these low end properties and when they start they are loosing money after a few years they want to liquidate the portfolio which is not that easy. 

Now, not wanting to loose your capital, I could argue strongly to just get the knowledge so you know what you're doing.

Didn't want to start this journey loosing money.

If they are paying under market rent, you have loss rents, so might be good to loose whoever you inherited and bring your units up to market rates. 

I would do nothing beforehand except obvious safety concerns-broken windows and loose or missing rails.

Let's get this figured out so that you don't loose out on the opportunity for a great property, due to a misunderstanding of documentation; and likewise don't enter into a bad deal with a "Good faith" credit that will not even come close to making this a profitable venture...

Bedrooms have nowhere near the wear of other rooms and carpet feels better on your feet in the dead of winter.Another option worth considering for kitchens and bathrooms is loose lay vinyl sheet flooring.

When I estimate building maintenance and other costs, I think we would loose approx. $200/month at current rent amounts. 

You have a great idea for a screenplay - How to Loose a Roommate in 10 Days