So the holes in the walls (which would only take a few patches according to your photo's may be allotted to you, but since they are small holes, I doubt it will stand up in court.Also do you have a C of O  (Certificate of Occupancy)  If not you won't win no matter how much proof you have. 

If the tenant is on a month to month, you can send her a Notice of Termination of Tenancy, (a bluff) giving the allotted time per your State Law to move or go to court, reason being failure to pay her rent on time, and a breakdown of the Landlord Tenant Relationship.

It they are retiring this could be a viable solution for the both of you.You could utilize this strategy on a handful of the properties and just refinance them as the capital becomes available or pull equity out of the other properties as you get the deeds aged under your name.There are allot of different ways to do this, but my advice is to spend the least amount of your money upfront and keep something of a nest egg in case something needs repairs right away!

From a purely cash flow standpoint for my properties on a 30 year mortgage, principal + interest + taxes + insurance + allotment for repairs/vacany = 60% or less of rent.

great info everybody. this really helps. when looking at places I will be sure to check and varify that the city knows/appproved how many units it has been divided into. allot of the ones around here that I look at are just odd that they were ever a single family home because they are typically around 5,000 to 6,000 FSF. 

I don't have any real experience yet but from my own research you might want to look at your CapEx allotment, especially for a 90 year old building. 

If so, what happens if the owner pays within their allotted timeframe?  

New build projects are for people who have allot of experience and more than enough money to pay for a project to get done.

John Hodson The appropriate percentages depend on the price point of the property, but assuming you're in the $50-$150k range, I'd go with James Wise comments.FWIW, on our $2500/m rentals, we allot 5% maintenance and 7% Capex.

Can usually allot 5-10% vacancy factor and same for maintenance.9) Class B usually also okay, but needs more attention from owner and/or PMC.