The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money.

Keep in mind that while cash flow may be minimal if your mother lives in the property, potential appreciation could still make it a viable investment over time.

For shared living spaces, durability should often take precedence over luxury to minimize the need for constant repairs.

Pointed out downspouts not being long enough, flaking paint (minimal), windows that are older, provide furnace reports from HVAC tech, "remove sliding latch from bedroom door" to name a few. 

Get a response first, then try the pitch.

Otherwise, you can re-stain them with a close enough color to minimize the amount of rework.

Diversify investments across asset classes and locations to minimize risk.

Furthermore be careful of the "sales pitch", the Seller may be trying to sell you on. 

My initial criteria is to look for newer built houses to minimize maintenance and upfront cap expenditure on major items like HVAC, Roof, Foundation etc..

Generally there is a very minimal difference in rate between ARMs and 30 year fixed mortgages.