And you'd be spending an additional $10k on lawyers to simply lose the case.The only way people successfully prove willful misrepresentation is if you happen to come across a contractor they called and gave them a quote to fix it, and they didn't and didn't disclose.

@Isaac Lane Try to find a good contractor that can walk the properties for you to give you an estimate of what the cost will be to rehab/renovate everything.

The chimney’s exterior, made of metal tubing, will remain intact.I plan to hire contractors for the entire project.

Attend local meet ups to talk to other investors, contractors etc. 

Hey @Bobby Valcin, no I didn't do it myself, I hired a contractor in my real estate investing group. 

I see this all over Philadelphia with Properties built around that same time that are deteriorating due to contractors missing these small ticket items. 

Do you have any recommendations for contractors for roofing or plumbing/hvac?

Yes, there are contracts, there is written communication behind every agreement, but in my 14 yrs as a landlord, and 17 yrs working in commercial real estate, talking with people (tenants, brokers, contractors, etc) is always best.That being said, if you are serious about buying any property and you struggle with the likely tenant/landlord relationship, I would begin interviewing property management teams, to take the direct tenant relationships off your plate.  

And half the time I catch something, even with contractors we have been working with for years.

Where you purchase a property that needs some work, live in it for 2 years, fix it up (either DIY or hire contractors), and then refinance & rent it out.