Not a total answer but it's often a liquidity issue.

Ok cool.

I do this but mostly as a way to float liquidity between investments.Its mostly for investors over 500k net worth as those with less should focus all liquidity to actual investing.

Lol  Cool. look at all those people smiling.

This means that the electrical is likely made from copper and is grounded.Running new ground wires and fishing wires behind walls can be very expensive, so having electrical that is similar to today's code is a plusProperties in this era also had ductwork - meaning forced air heating and cooling.

Lots of things to consider in terms of your overall budget, timeline, general liquidity, etc, but in my opinion, you really can't go wrong either way

If you only have 30k liquid total for downpayment, closing costs, etc., you might be cutting it way too close to really do anything. 15k is the bare minimum I suggest for reserves or oh no money on any project so that doesn't leave you a ton left to work with.As @Glenn Banks said, 203k is probably your best option because it's an FHA loan and you can do low money down and the reno is baked in, but the reno is complicated.

Personal liquidity and some "dry powder"2,500,000 - Quicker Return Investments.

If yes then invest it, if not maybe consider using it as down paymentDownside of down payment is it will be less liquid so also understanding your overall financial picture should be considered

And, I just don't buy that GPs will liquidate the deal to finance their personal problems - if that's the case, then I invested with a GP who was irresponsible to risk their family's financial future on a single deal.