The condo association is required in your state to provide coverage for the common elements and interior units (not including improvements) http://app.leg.wa.gov/RCW/default.aspx?

The unit would most likely end up being rented to college students. here are the details:Unit 1: 4/3Unit 2: 2/1Unit 3: 2/1Current rent roll is $2500Estimated expenses including vacancy(5%) maintenance(10%) and capex(5%) are: $2300If possible I would like to roll in PM if the math makes senseA few details I think make a huge difference:1 meter on the house, so utilities are included in the rents2 HVAC units, 1 is for the 4/3 and the other is for the other unitsPorch needs some minor structural repairs.The house needs interior paint, and some minor repairsShe hasn't raised rents in 6 years, and I know they are extremely undervalued.

So you can reasonably see most of the unit.I have cleaners that see the entire interior of my units on about a quarterly basis.

We stayed in touch with the owners over the months, and after meeting up a couple times and some negotiations we were under contract.I'll keep it simple to the details but let me know if you have any questions.4 bed - 3 bath - 3 car garage - SFHPurchase price: $160K1st Loan: $112,0002nd Loan carried by sellers: $49,000Down payment: $2,500Rehab Cost: $13,000Real Estate fees and closing cost: $8,900Basic list of repairs: carpet, vinyl tile floors, vinyl plank flooring, faucets, toilets, light fixtures, thermostat, interior paint, appliances, gutters, backsplashes, resurfaced counter in kitchen with an epoxy countertop, re-stained all cabinets throughout the house, added pulls to all cabinets, new kitchen sink & faucet - finished it off with some light staging for photos and to help it sell quicker!

The property will need interior paint and a good cleaning. 

Looking to and not limited to replace flooring, interior repaint, recess lighting, update bathroom, update kitchen, windows, and landscaping.  

But I am talking about the entire interior of two houses and one apartment. 

I am a general contractor focusing on interior finishing.

Interior or exterior so code enforcement has never been an issue.At the end of the day it's about making the best rate of return on your time and money and in my experience in Lake County, IN market, Hammond offers the best value for money for investors.

@John Cohen I specialize in value add multi family primarily through interior renovations.