There is way too many neglectful property owners and it wrecks the quality of the neighborhood for responsible owners.

It was half gutted and a wreck.

it just takes these regulators usually 2 to 3 years to hammer them.. they know when the statue of limitations runs and usually show up at their door step at 7am when they are still in their PJshttps://www.sltrib.com/news/2017/10/12/utah-man-se...Read up on Chad Deucher he had a turn key bizz like Morris.. wreck a ton of people like Morris in the end he got nailed.these guys came into my Oregon office seeking financing when they were about 1 to 2 years in.. 

And you have to worry about a special assessment absolutely wrecking you.Ran, just throwing some cold water at you here - on first blush, this looks like it is a very, very bad investment deal.ETA: this is not directed @Ran specifically, but it appears nobody on this threat has considered any expenses beyond mortgage. 

She took it well over the phone and agreed to look for a new place but I fear she will wreck the place out of spite.

That being said, Sac even has one close to a 9% which IMO s/b a 20% since it is such a wreck.  

It leaked from the second floor down to the basement, wrecking the basement and causing minor damage on the way down.Our insurance has a clause that specifically protects them from having to cover claims originating from damage caused by issues on the other side of the shared wall and told us to contact the owners.

I was a total nervous wreck, it was one of the worst days ever.

I'll speak to the question about the PMs:A great property manager is amazing, and a terrible one will wreck your business.

For example, if the roof was a wreck and each unit needed $5k in repairs, did you have $40k for units renovations and $15k for the roof (total of $65k)?