You could check out Roof.

High rent in the neighborhood is 1300, house would need 10k of work to get it to that number so the lease has been drawn up for 1100/month,Most things are new and roof is a few years old so i'm ok with this rent amount for the first year, mostly because id rather work on the stuff at my land than this house.  

I fixed her fence and roof for her because I felt badly about her loss (I had tools and material out there anyway to remodel my building).

The plumbing and roof is good the electrical has knob and tube wiring this is why I was told to gut the whole building.

The labor intensive part will be roof and tearing up carpet and installing new floors.

Far too many people spend everything they've got on an investment and then get hit with the cost of a new furnace or roof.

If everything is covered and worst case is a new septic/roof/etc then I would have enough in there for the two most expensive worst case scenarios for each.

If so, you’ll probably be paying more as the heat from the roof is coming down.

If you are trying to use the "Delayed Financing" exception a couple of things you should keep in mind, #1 you must have paid all cash for the property (no borrowed funds for purchase) and no liens on the property #2 you can use the maximum LTV allowed for purchase of property (ie. for an owner occupied property 97/95% LTV or non-owner occupied max is usually 80-85% LTV) #3 must refi within 6 months of purchasing the property (so for the most part you are going to use the purchase price plus improvements rather than the new appraised value) #4 property will have to qualify condition wise within the lenders guidelines, so no major work should be outstanding like broken windows, holes in the roof, ect. 

The property is a 5 unit building with the following information: Rental income is $4,000 per month or $48,000 per year totalTaxes are $375 per month or $4,500 per year (this is higher than current but factoring in that they will increase)Estimated insurance is $200 per month or $2,400 per yearExpenses: Vacancy 8%Management 10%Other expenses Landlord pays water at $400 per month or $4,800 per year Realize this could be a cost savings in the future, but want to analyze as isGeneral maintenance (including minor repairs on property) including grass and pest control estimate at $300 per month or $3,600 per yearCapital reserves for Cap ex (appliances, windows (52 windows on building), roof, siding, etc. which I based on building a capitalization table based on useful life of items and number of units) at $460 per month or $5,520 per yearLoan: All in after down payment the loan would be for $300,000Assuming 7% interest rateAmortized over 20 yearsThus comes out to $2,325 per month or $27,900 per yearSummary Income Per Year:$48,000Property Exp.