You're most likely responsible for the AC, water heater, and anything "inside the box" like plumbing, electrical, flooring, kitchens, and bathrooms.If you find a cash flowing condo, the only real concern in my opinion is shifting HOA management and fees.

I decided to replace instead of repair 2 sheets of drywall on the kitchen ceiling, had I to do over, I would have patched. 

Kitchen remodel with wood cabinets, granite, new dimming LED down-lighting, new breakfast island with glass doors, and new tile.New tile in two bedrooms and wood plank style tile in the family room.Fresh paint inside and out. 

Here are my numbers:113k purchase20k down15k in repairs (kitchen, 2 bathrooms, paint, flooring.

Sometimes the iPhone is the kitchen, sometimes in the study room and I have to travel through my house to find the freaking phone.

The kitchen is on the first floor, has to be completely remodeled as well.

For example, let's say the property "can't" go Fannie because it isn't a complete & functional home, and let's suppose the reason for that is because the kitchen is not complete, and the reason the kitchen isn't complete is because it doesn't have an oven.Standard two choices that people think they have:Hard money, 2 points up front, 70% down, 3 points upfront, horrible rate.All cash.Third choice:With the seller's permission, throw a freaking $75 oven from craigslist in there the day before the appraiser shows up, and buy the SFH using Fannie financing at 85% LTV, no points. 

Once you get better at estimating costs, you will be able to estimate things such as: roof, kitchen, bathroom, flooring, painting rooms, doors, windows, etc. 

have laundry room on each floor and eating area and set of rules in kitchen area. met a lot of travelers who stay at hostels and they have setup like that. there was one where they had a weekly dinner and had to contribute towards food prep and cooking to keep cost down and for laundry they had washer/dryers. 

The inherited tenants - with the farm of cats and dogs - I mentioned earlier, the renovation following their departure was pushing $25,000 .... yes, we changed the layout and upgraded the kitchen and bathroom ... but only because we had to rip-up the subfloor (and the interior partition walls which sat upon it).