I feel it is a great deal and I don't want to get beat out on my first deal because I didn't have a cash offer.If a HML requires a renovation, then would a new roof and AC added be sufficient to allow for the loan to go through? 

Other than it being smaller, painting a house between tenants is going to cost the same, a new roof will cost the same, a new air conditioner, hot water heater, furnace will be the same cost etc.For instance, it costs us about $1,000-$1,500 plus a months rent as a leasing fee. each time we change tenants, by the time we paint, do landscaping, repair damage, change locks, patch holes, paint walls that need to be painted get a make ready clean. 

I once signed a release to view a house with mold from a leaky roof.

This does not include HVAC, roof, plumbing, foundation, and electrical.What type of houses/buildings are you focusing on?

The fact is that people will always need a roof over their head, and that is what we provide.

House is in need of the following capex items soon....Roof/Gutters/Insulation and Third Electrical curcuit box (Common area).If I used a Heloc to fund the capex items it would take 4 yrs of investing all cash flow into paying of the Heloc.

The homes all have new metal roofs or shingles that have been done in the last 4 years.

Most of my investment properties are single wide trailers as rentals that my building crew and myself have gone through and completely remodeled, from new roof, layout plumbing, electrical, drywall, and appliances.

A full tear off roof would be $4200.

folks - I've gotten a roof replacement estimate for my 100 year old house that currently has hard slate.