It simply masks the low performance with increased cash flow. 

I should mention the MLS listing was scary, it claimed one had to enter at their own risk, wear a mask (there was a little mold from the basement getting storm runoff, but it wasn't bad). 

No peeling paint, windows must work, everything needs to be functional, etc.

Things I found: reglazing a tub...only splashed some paint on it; replace light fixtures...actually found some second hand light covers which were mismatched, in the same room; painting...they didn't cut in or mask and painted over light and outlet covers; replace and install window blinds; they used the existing mountings to install blinds even when the original mountings were done wrong (they charged $45 per set and used $10 Walmart blinds); patch, sand, and paint drywall...they patched and painted, but didn't sand.

Might be a little weird if you come up to a house wearing a surgical mask, lol.

What state, as BK laws vary by state to get them out.Assuming the bones of the house exterior roof no peeling or sagging, electric meter is on, appears to have working heat and you are buying for 25% cheaper than the comps- move ahead fast with your cash.

FHA also has condition requirements (safety, security, soundness)-no peeling paint on pre 1978 homes, functioning mechanicals, roof with some useful life left in it, etc., so can skip looking at heavy fixer uppers if you definitely want to use an FHA loan.Also, not sure the plan with your friend helping you out-but if with down payment funds, if loaned, think they'd count that as a debt burden on you or require them to sign that the funds are a gift.  

Example: tenant complaining that garbage disposal is "broken", only to find out the sink wasn't draining cuz you find potato peelings in the waste pipe.

Wear a mask nonetheless.

At the same time, this need for a "good fit" can be used to mask discrimination because the reason will likely hold up in court.No matter what the laws are on the books, American Ingenuity has ways of getting around many of them ("loopholes").My takeaway: Accumulating enough income-producing assets makes F.I.R.E. possible.