Unfortunately, he got behind on property taxes and was struggling to keep up with maintenance, so the place was in rough shape.

I would echo the post about security. 

Just make sure the other two assets can still cash flow with the debt you put on them.I have an 10 unit commercial property that is basically cash flow neutral because of large Capex expenses that come up every year.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Quote from @Clint Miller: Seller financing opens up great opportunities for real estate investors, but coming up with the down payment can still be tricky. 

That would be the best move for you to find good contractors and reliable ones for your projects.

@Raiyan KhanYou can search these forums for vendor recommendations but you can also join a real estate investment club in the area you want to invest and get the same info.

I've also signed up for New Orleans REI meet ups in the upcoming weeks in hopes of making valuable connections in the local market. 

This is where expert mortgage brokers come in, acting as your guide through the maze of real estate financing.

I anticipate serious cap ex expenditures coming his way.