However, the benefit I have right now is the fact that the rents are not yet registered with the town.So keeping the tenants as is with the low rents will set me up for low rent registration.Instead, I would rather get them all out, do the necessary renovation, including separating the boilers, this way each tenant pays their own heat and hot water.

Also if it's a really hot parcel, send in an offer with higher price tag and proper contingencies to back out or renegotiate later.

I look at the hot water heater.

For example, I bought a duplex this year that had brand new furnaces, hot water heaters, and AC units, and a roof that is 4 years old.

He would split the profits. the area Is consIdered hIgh end and partIcularly hot neighborhood.

Little background on our location, we located in central Maine, not a hot market by any means but fixer upper properties are priced very low.

@Michael Ross, San Francisco RE is way too hot. 

Its hot right now. 

You could take your $100k at 4% from the bank and hypothecate it and invest it in a performing note and get 10% - and do not have to deal with tenants, toilets and termites etc.I think this makes a lot of sense, particularly at the top of a hot market.

There is a lot of variation state to state and you will keep yourself out of hot water by understanding what you can and can’t do.