It was just another bill like fixing a roof or upgrading a kitchen. $7k for foundation.

All units will need updated kitchen (plus appliances), bathroom (plus new tub, vanity, toilet), expansion of kitchen in one unit, whole new kitchen area for another unit, new floors, paint in all units, plus new HVAC, plumbing, roof...

The catch is the townhome needs a brand new roof for which I estimated $10,000.

The roof, windows and furnace are all about ~10 years old, so while I'm hoping to avoid any big repairs in the near term, every year is another year closer to something that needs to be replaced.  

Also learn how to find owners of properties (start at your county tax/assessor's office) that appear vacant or need work (look for tarps on roofs, overgrown grass/weeds, boarded up windows, etc.).Good luck!

He had to deal with many of the exact same issues; non-paying tenants, turnover/foreclosure, and even repairs.Just as an example, he had a lower income couple buy a home from him and they had a bad storm come through and damage the roof.

No leaky roof, however the market value is going down.

Boat slips themselves and racks (which actually can qualify for 1031 exchanges with real estate) were interesting but the HOA and taxes on them made the rent necessary for rental pretty darn high.  

They hang from the ceiling and vent through the roof. 

Also, if a property is sold as-is, it is implied that the seller will not make any adjustments based on the condition of the boiler, roof, etc (but you can certainly try!).