There are never full photos of the mechanicals and basement and roof line so you will never have even a bare inkling of what the potential repairs will be.

It's going to need a new roof here in a few years, and new flooring in both units. 

However I haven't found any clarification on this aspect yet. 

I’ll also call code enforcement and check the county records just to see when things like roof/hvac have been done/permitted. 

Right now the only utility at the garage is power so basically I am starting with a frame and a roof. 

A key aspect that, annoyingly, the "cash-flow crowd" seems to skip past all but religiously. 

Hey Denny - For rehab costs, a good place to start is breaking things down room by room and getting rough estimates for common repairs like the roof, HVAC, kitchen, light cosmetics, etc.

I'm the VP of a roofing company in South Florida and work with a few good PM companies on a regular basis, a lot of bad ones too.There are good and bad PMs in each of those companies. 

I have always been willing to take vouchers, so that aspect did not affect me when the law changed. 

Plus I recently got a brand new calculator, wanted to see what out of state investors though the most important aspects of deciding between to similar rates cap rates in 2 varied size apartment.