We are evaluating conversion of our Condo Association in NV to an Townhouse Association. the condo buildings share roofs and vertical walls i.e. they are attached side by side.

Need costs: for rehab (roof plumbing electrical...), security cameras, track remote employees (they will steal the cash), cost to install pumps, license fees, hard equipment needed- registers, apps to run the register information, accounting, legal, cases for merchandise, shelves, door hardware, heater or HVAC depending on location...This is a tiny community there won't be a local plumber and electrician... add some cost for time to contact your team and travel will make any repairs more expensive.

It took us about 2.5 months to renovate the entire property including all the old systems (HVAC, Plumbing, electrical and roof along with everything else). 

Might be better to try an OOS  1-4 family first and rack up some experience. 

Its completely hands-off (other than monitoring your account), very liquid, no additional expenses (like a leaking toilet, new roof, new flooring, etc.), and not deferred tax liability (which automaticlaly happens with a rentla).Oh, and you still get a step up in basis --- don't know why it keep being sold "as-if" real estate is the only asset that gets a step in basis on death... 

Recently I had one that cost $500, but that involved some extra work to re-pipe and add ventilation through the roof. 

The seller has replaced the roof last year.

I toured it but found that it would almost need to be an actual rebuild since the foundation is cracked, the roof has a tree growing out of it, and just about every surface in between is painted or ruined by former tenants.

Year of update of the systems (roof, plumbing, electric, heat)4. any pets, pools, tranpolines, or business use at any locationThey will usually need more specifics but this is a good start. 

New roof, new windows, new siding outside, new HVAC system, new pipes and wiring, etc.