If the owner is happily paying for repairs, the PM gets paid, the owner improves the value of their property, and the tenant now have improved living conditions.

That would give me enough time to repair the house to meet conventional standards and force equity for the cash out LTV %.

These records can give you a clearer picture of how well the building has been maintained and any potential expenses on the horizon.To address concerns about issues like a deteriorating foundation or sewer problems, ask the condo association for documentation related to past repairs and maintenance.

Most PMs are simply calling in a repair out of a rolodex.

Absolutely repair your personal credit first.

Checklist: Here’s a quick checklist to get you started:Get a home inspection (optional but recommended)Fix any outstanding repairs or issuesCreate or customize your lease agreement (covering pool/fireplace)Set up tenant screening processesTake detailed photos of the propertySecure proper insurance (consider rental-specific policies)Establish a move-in/move-out inspection processClarify utility responsibilities in the leaseConsider a property manager if you prefer hands-off managementDon’t worry, you're on the right track by doing your due diligence.

I recommend buying into section 8 rental that have already did the modifications or repairs and passed the city inspection.

For our clients, we separate repairs into catergories: 1) Health & Saftey - highest priority to avoid lawsuits2) Property Preservation - don't want a $500 water leak repair to become a $5k repair later3) Government Required - for city & S8 inspections4) Marketing Negative Impact - who wants to rent a "purple" house?

These improvements included updating key interior features, enhancing curb appeal, and addressing any necessary repairs.

I feel like there's no way the renter could be expected to stay in the house while this is being repaired, but I don't know how this all gets remedied.