I do flooring,painting minor pluming,electrical,,experience in fixing properties ,to sale or rent. 

A house looks good from a photo,but what inside the walls,the foundation,pluming,the area and marketability.

@Scott Schultz@Greg H.Your numbers are WAY Off these may be some text book figures, but are not accurate in reality,  almost no one spends $6K on pluming in 20 years, heck most early 1900's homes havent had $6K spent on pluming to date, and wont for another 50 years to come. $4K on HVAC in 10 years is a lot as well, $2500 for paint is figuring hiring out repainting every 2.5 years?  

-----------------------------------------------------------------------------------------------------------------------HOUSE CONDITION: - BUILT 1969 - TWO FAMILY:            - UNIT 1 (OWNER OCCUPIED): 3 BED/1 BATH 3 PLUS FINISHED BASEMENT WITH ADDITIONAL BATH            - UNIT 2 (TENANT OCCUPIED): 3 BED/ 1 BATH, MONTHLY RENT $1900- HEATING: HOT WATER HEATER WITH GAS (FURNACE REPLACED IN 2007) - NO PLUMING OR ELECTRICAL ISSUES NOTED - A/C: WINDOW UNIT - WINDOWS REPACED 15 YRS AGO - FINE, STORM PROOF - KITCHENS UPDATED 2001 - ROOF OKAY FINANCIAL STATS: - CURRENT MORTGAGE BALANCE: $431,277.28- MONTHLY PAYMENT PRIOR TO FORECLOSURE: $3267.98- BACK PAYMENT AS OF 04/16/19: $41,208 (IF PAID, LOAN WILL BECOME CURRENT) - ANNAUL TAXES: APPX. $17000- SELLER HAS NOT BEEN PAYING MORTGAGE FOR THE PAST 10 MONTHS (SINCE JULY 2018) ACCRUING A TOTAL OF $8528.16 (APPX. $853/MONTH IN FEES/FINES)- ARV : 630K- REHAB COSTS: 80,000-----------------------------------------------------------------------------------------------------------------------------------------------------------------------I have considered Sub2 strategy as well as cash purchase for the end buyer, but it just doesn't seem to work due to the high mortgage and low equity.

I rarely find a pluming/electrical issue that costs more than $500 to fix (assuming nothing obvious from basic inspection), so I deal with it if it comes up.Basically, instead of spending $2000 on additional inspections from termite companies, foundation companies, engineers, radon tests, etc., I put that $2000 towards my "surprise" budget.

I think leaving it how it is is probably the best way to go, unless I can do something really creative to not have to move the pluming around much.

We have painted, replaced windows and doors, renovated, installed cabinets, scrubbed, painted some more, refinished, wired, plumed, cleaned, mixed concrete, spread and tamped gravel, driven refuse to the dump.

@Joe Schmoe (nom de plume I'll bet) I agree with @Steve Bracero GC or two

You personally trying to buy a rental property with no money is not a good idea though.If the pluming breaks for example.

House needs 15K in repairs (Paint, flooring, roof, bath remodel and light pluming).