Also, define how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.

STRENGTHS-  strong affordable housing market-  cool city with a great feel-  nicely mixed neighborhoods with properties in need of repair next to nice homes-  large university, robust medical community-  decent rents overall, currently trading at 8-10% cap rates-  Micron promises growthWEAKNESSES-  Micron hype is making people spend way too much on properties-  pesky code compliance inspections here too-  student housing area is incredibly compact and difficult to get in to-  difficult to predict if a property will benefit from renovation or not-  contractors are overwhelmed, difficult to get estimatesSummary: Syracuse is experiencing a lot of change right now, in a good way.

Demand that they repair it immediately so that you can maintain insurance.

Beyond the simple solutions like “do repairs yourself” or “Refinance to lower rates”, etc.

I negotiated based on expected repairs, knocked off $15,000 off lost price in August 2023.

I am really split between new cabinets or getting the old ones repaired and painted.

Try educating tenant on appliance and regular maintenance that needed, such as replacing furnace filter. and make sure communication is done properly in right format, like text messages and then follow up with call, if in need of Maintenace repair.

Years ago I came across a multifamily where the owner was not able to ready the property for market and thought it could not be sold until repairs which she could not do had been made.

I'm not sure the deal pencils at this purchase price (even with the vacancy, repairs, capex, and management fee being zero).

If this is primarily cosmetic repairs, then you will be ok.