Checking heating and HVAC?

@Timothy Burnes Don't do it. 10-20k in equity is not worth all those issues.Bed bugs are a significant defect that can take either $5000 and tenting the whole building for heat treatment, which requires vacating the tenants or getting them hotel rooms for a few nights, or a sustained program of prevention with bed risers, leg traps, sealed mattress bags, and the tenants need to keep it up for.. get ready for it.. 6 months, which is how long they can live without a meal.Sewage in the basement could be a big issue if you have a sewer backup problem.The sinking toilet sounds like it needs immediate attention, but at least that's a straightforward repair.The other issues are what I would consider "normal" as in, you could fix them but don't need to in order to make the place liveable.Based on the bed bugs alone I would avoid... if you are comfortable with this level of rehab you should be getting a way better deal. 

We updated the heating system and collected $1800 per month in rent with no mortgage going on 8 months now so we cashflowed about $1200 per month.

@Anne Williams - I have a PSEG worry free plan in the Princeton New Jersey area and they are excellent for HVAC, with asap service for “no heat” calls.

My HVAC repairman said that as a dryer gets old it doesn't pump out enough pressure to properly vent the heat up and out of the roof. 

Here are just a few examples: missing handrails, no gutters or broken gutters, exposed subfloor, exposed wiring, insufficient heating elements, dry rot, mold, water damage, rotting or leaking window sills and trim, appliances that don't work, deck and fence in disrepair, wet basements, peeling paint, roof over 20 years old could get called out.Hope this helps and best of luck to you!

There is no obligation to provide AC only heat. 

We don't go to every routine plumbing call or no heat call at this point, but we keep detailed notes of how the mechanicals work at each building so that we can trouble shoot virtually. 

What about heat and AC, are they all separate units or a central system?

We normally don’t buy investment condos since the cash on cash return is normally low due to the HOA fees but there is something to be said about not needing to worry about the exterior, heat, hot water, snow removal, or landscaping.