There has been such a journey with renovations and the person repairing the property, but hey!

So my plan is to use the equity in my own home for the downpayment and for the repairs and take out a conventional mortgage for the house itself.

Is this a low number for both vacancy and repairs? 

Another part of the problem is the landlords themselves; the landlords buy low income housing for cash flow, and if the property needs repairs, maintenance, capital improvements, they’re reluctant to “upset” their expected cash flow by investing in the property.  

You would have a much easier permitting process if the work were to repair vs. go with new.  

Those repairs will never get done.

Your lender most likely requires you to occupy within 30 days of purchase, so make the seller remove them so you have time to clean/repair after closing. 

If you have been using expensive vendors, consider switching to more affordable service providers or negotiating bulk discounts for regular services like landscaping or repairs.

Most recently, I worked with a client out here in Colorado that let their parade of homes house (from 25 years ago) in a gated community literally fall to pieces; mold between window panes, water infiltrating the kitchen due to lack of roof repair, patio pavers crumbling apart, downspout misplacements that caused water infiltration into the living room....just a mess. 

What’s your definition of an expensive repair?