He got a great deal and I got off the hook of having to do a lot of the small clean up items like landscaping and basic interior cleaning.

After spending money fixing up a property, I obviously want to make sure the tenants occupying it are not damaging or tearing anything up....whether accidentally or deliberately......or worse still, using my property as a front for some shady illegal activity    (take your pick on that one....the illegal activity that is).I also want to make sure I am on top of the stuff that will break down due to normal wear and tear and stuff that needs regular maintenance.I also want to make sure the tenants are doing their part in up keeping the property as necessary....mowing lawns, shoveling snow from sidewalks and generally maintaining a reasonably clean interior and exterior for their own good and mine.If and when the tenants do tear something up, or something breaks down due to no fault of their own, unless it adversely affects their daily routine, I would think that they most likely would not report it.

Most likely they will provide you with walls and concrete floors and you will have to finish the rest (bathrooms, interior unit walls, flooring, lighting, etc).

use one interior paint color for all houses (realist beige) thanks Carol Scott! 

I personally ask them questions like if a stranger viewed their home what condition would they say the exterior and interior are in based off of a scale from 1-10.

I'm no expert, but the interior repairs look to be quite a bit less than 25-30k, right?

Some colorful window dressings on the interior might help as well, as the white, while it doesn't look bad, tends to look bland to me. 

You do not have access to the interior of the property, are subject to existing liens other than the one you are buying, need to understand if you are purchasing a first or second lien position, and you are subject to living with existing leases if one exists. 

@Jon Holdman There's often some confusion between a cooperative apartment building and condos, and people will often say they own their apartment when they live in a cooperative apartment building (also known as a co-op).A condo is when you own the interior airspace of a unit.

If the property is actually in distress and needs a full interior renovation I would try to save 2 or 3 of the best tenants.