Continue acquiring properties in promising markets to build your portfolio while keeping an eye on interest rates to potentially refinance your high-interest loan for better cash flow.Save capital to maintain liquidity, allowing you to act quickly when market conditions improve or unexpected expenses arise.

I have owned it for 4 years now and have put a good amount of money into it already but with the condition that it is in now, it probably needs another $30,000-$35,000 put into it.

It can also capture damage to the property for which the tenant will be responsible so they don't claim it was in that condition when they moved in.

On another occasion I had them inspect the property after purchase and they informed me that due to the condition of the roof they were raising my deductible on any roof damage to $5K instead of the $2.5K for the rest of the property until I installed a new roof.   

A less expensive property (eg bad area, house in poor condition) may be less expensive to purchase or even look better on paper, but in reality it is not. 

Have a 1960s 30 unit single story motel where we are coming up on some end of life issues: the cast iron plumbing is disintegrating underneath bathrooms, radiators are starting to leak, electrical is in poor condition, and just today, discovered significant termite damage affecting multiple rooms.

I will never buy a property I wouldnt live in with my family , condition and location .

What is the condition of the home and trailers? 

Well, most of the time (maybe all of the time) you're buying HUD houses "as-is" and you're not really using the presumed condition of the plumbing as a bargaining chip.

Or not keeping the property in a livable condition.