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)?

There's a reason why the current owner is only getting 2/3 the rent he could otherwise.... it's a wreck inside.Good luck.But I can tell you... be extremely skeptical of that idea that "it only needs minor improvements".Good luck!

It makes the idea of negotiating with a seller a lot less nerve-wrecking.

Plus there seems to be more potential for devaluation of the asset, for example, if they wreck it. 

Buying the wrong place can wreck you economically.

Plus I've read stories about tenants wrecking the place on their way out just to "get even."

Credit scores can get wrecked for many reasons, but too many people have no idea of what the impact is.The tenants we eventually rented to are a couple that lost their house and were in a struggle.

Wrecks are being bought by despart flippers at 75% of ARV and razor thin profits.