Middle class incomes CAN be used to create a lot of wealth if they save up enough to buy the first property, live in one of the units (now you can have roof over your head at no/low cost), which allows the investor to put less money down, etc.  

I was about 5 days from closing on my first place (an up/down duplex + cottage)...when the lenders (a typical residential / investment lender) said he would not fund the transaction...because the appraisal came back saying that it was a "raised mobile home" - and they don't fund mobile homes.It wasn't obvious that this was a mobile home by sight - apparently it was just the foundation of the mobile home that was used and then was re-finished (new siding, new roof, etc).  

Find a turnkey partner who is transparent and upfront, discuss with them the worst-case forecast if everything goes wrong at once (new HVAC, leaky roof, prolonged vacancy etc) and plan accordingly.

The upside if I end up keeping this property is it should be maintenance free for years with new roof, furnace, hot water tank, electrical completely re run, and plumbing.

We just had a medium sized rainstorm and when I went out to the garage I noticed water leaking at least two feet inside the entire perimeter of the garage (only about 1/4" deep). 

If your putting a loan on the house then just make sure the big items like the roof, heating and air and windows are in good shape so that you dont have to replace them in a long time. 

Stories: 2Year Built: 1984Lot Size: 6.14 ACAPN / Parcel ID: 3-29-00-058.02Last Verified: 3/18/2016 Highlights Over $250,000 Invested in Capital Improvements in the Past 24 MonthsSeveral Units Completely Rehabed with several HVAC/Appliances replacedUpside through Rent Increase to market rate, Improved Management & adding new unitsWell below Replacement CostCash on Cash Return : 25.31% (I do not know how they are getting this number)Internal Rate of Return (IRR) : 23.22% (I also don't know how they got this number)DescriptionValue add opportunity for a new owner. 36-unit, garden-style apartment community built in 1984, the property contains 5 two-story and 1 one-story buildings encompassing wood exteriors and pitched roofs.

I highly recommend looking into them as you develop your network of contractors/handymen/painters/roofs/etc.Pete

As far as i have researched i should be able to form a LLC as a pssive investor and do all the operations under that roof.

What type of roof is currently installed and what is the condition?