-You'd also want to understand what kind of capex issues you are inheriting....does the roof need done?

Well - sale prices are through the roof right now.

You kill two birds with one stone by giving yourself a roof over your head and an investment property at the same time. 

You should also set aside money as a reserve for vacancies, turnover costs, bad renters, or capital expenditures (roof, flooring, and other big expenses).

I am not too worried about the basic lipstick rehabbing but I will definitely need to hire contractors for the more complicated repairs: plumbing, electric, roofing etc. 

We thankfully wouldn't be contracting out much but roofs and electrical.

FL has hands down the WORST cost's and process's for roof replacements I have every experienced.

Do you save three months of vacancy for each unit and $50,000 for the roof replacement?

Prop tax's some of the lowest the country very low insurance stucco houses tile roofs and desert landscaping all lead to ease of maintenance over time compared to FLA which of course has all sorts of weather related issues that is detrimental to houses .. high prop tax and sky high insurance ( certain areas) But its also growing.. so there is that.

What about leaking roofs or accidents you can't predict?