Helps with your debt to income, better opportunities at cash flow, and typically requires less down to purchase.In regards to challenges, I usually build in an extra 10-15% to deal with things that I can't see behind the walls, including dry rot, electrical or plumbing issues, etc.

Licensed with permits ~$3,250.HWT standard gas single family low efficiency without exhaust retrofit $900.Sand and stain hardwood floors, natural stain $3 per sf.Paint interior walls, ceiling trim and doors 3 tone paint scheme 2 coats $3.20 per sf (floor area cost includes paint)Click lock LVT flooring install overlay inclusive of prep and quarter round $4.50 per sf (materials and labor)Asphalt roof installation 3/1 - 800 sf bungalow with 2 layers of shingles - ~$7,900Standard porch cap replacement with 2 new precast concrete steps ~$2,500Used stove or refrigerator delivery and install $350New stove or refrigerator delivery and install $HD model specificUse this as a general guideline. 

In our student houses we use a programmable thermostat, but our building monitoring system has its own sensors and can override the wall thermostat and will not allow the temperature to get below 10C (50F) ... we are presently testing a new software load that will also prevent them from cooling the house too far in the summer.

Water is now leaking through the ceiling into my tenant's unit, and it's worsening with every rain also the neighboring unit has sever water damage (like a pool inside and it is owned by the HoA) and water from it leaking very dirty water from the shared wall to mine.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Expect to remodel kitchen and baths and put new floors down, paint, knock down a wall to open the floor plan. 

But when you’re intimate with the property, you know exactly what’s going on behind the walls, under the floors, and in the systems.For example, a seller might tell you, “This property has a ton of equity.”

they said around 90% of market value.I tried to get them to understand that this property needs a LOT of work, almost a full gut, some holes in walls (small) old carpet needs to be ripped up, i mean like the works on this thing, you can prob get away with touching up the kitchen since its real hardwood and the bathrooms as well but this prop needs at least 80k.Found out owner actually owes 140k on property, and zillow is zestimating it to be 127k.

I have reached out to a few attorney's and of course they are saying I would have to put them on retainer before giving advice. 

Oh nice gotcha......Ya know, despite all the writing on the wall some folks are just crazy.