Using a 1031 Exchange we were able to defer capital gains taxes and upgrade to the VRC.

Also sell it if you want to upgrade your wealth with better property, better location or better cash flow.

A contractor can help yes when it comes to looking at it and telling you how much or what you be looking at if you want to upgrade or fix something visible but you need the inspector to check out the roof AC and plumbing thoroughly despite what it looks like in person I’ve seen mini jacked up ceilings.

Tons of history in the historic building, was upgraded in 1990s. 

I put strainers in tubs and make all necessary upgrades to prevent them but if they cause them then it’s in them. 

My AC unit was stolen right before the tenant moved in, back door and frame broken and needs to be replaced from an attempted break in (alarm scared off intruder) on a different house.

Im pretty sure it will need new hardscape, electrical upgrade, flooring, demo , hvac and new kithcne and bathrooms. 

Can these contracts be broken?

We have discussed the possibility of finding a deal on a single family home and upgrading it.

Since this isn’t a “fixer,” and you’re going the FHA route, you’d have to go out-of-pocket for the remodel/upgrades or get a construction loan based off the ARV, which is generally going to require 25-30% down unless you go with private money, which will have much higher interest.I see it’s pending, so maybe you got it under contract, but if not, I know you can find a good deal out there, even if it’s a smaller starting point.