You need an inspection period to look at the roof and sewer line at a minimum. 

You cannot underestimate the irrational impact of the fact that a tenant is defined as someone who lives with the knowledge that his landlord owns the roof over his head.

One idea we have thought about is putting a whole Portfolio together with Local property management under One Business roof.

Its easy to lose track of how much one SHOULD have in the bank because its hard to leave money sitting and not working for you.I understand there are many variables such as age of house, age of roof, age of furnace, etc. 

@Cherrell Thomas cash flow is the profit that's left after debt service, property taxes, property management, common utilities (if any), reserves for repairs (small things like leaky faucets, AC servicing, etc), and capital expenditures or capEx (larger things like a new roof,new HVAC, major plumbing overhaul...these are treated differently on taxes, written off over a specified longer period) and other expenses.The first item I mentioned, debt service, is where the answer to your question is.

In CA HOA's can be through the roof and really cut into your bottom line. 

No pay , no stay , no first month rent and security deposit , no roof over your head .  

Rest looks fine,Key is roof, water heater, appliance, plumbing etc.

I need to replace the roof on my house.

Any major problem (roof, basement, conditioner, driveway, tenant turnover, etc) may cost 5K.