Roof, HVAC, sewer, etc.Has the property been poorly managed?

Labor/material are going to be different and need to factor that in4) new roof, new HVAC, new water heater, ac panel, replacing plumbing to PVCThese are very variable, if you are getting this from a licensed guy to do it and unlicensed.. is it a big shop or a local shop doing it, is the GC doing it they will put some money on the top so it will be more money5) framing (creating new bedrooms or baths)I would get all these quoted from a good couple of licensed guys and unlicensed to know your numbers to cents

First you need to learn to separate the following:Maintenance: usually things related to wear & tear or tenant damage.Repairs: usually broken items like doors & windows, caused by tenant or nature.Capital Improvements: usually expensive things that wear out: hot water tanks, furnaces, roofs, etc.The seller is correct that Repairs & Capital Improvement items should not be a factor for awhile (ALWAYS get your own inspection to confirm).

Water penetration can also include roof failures or pipe bursts that allow water to leak into or damage your home.Either have the repaired area researched by your local expert and accept it.

I want to refurbish the entire house, including a complete kitchen and baths renovation, add an addition on the east side, new roof and siding, new flooring everywhere, paint inside and out"Then ask the GC to go over and put this into a more formal document.

You’re going to need about $500,000 invested today to cover say 30 years of retirement in the future.  

Any person who can achieve property ownership, and then help others have a roof over their heads is a person worth high praise. 

To avoid the risk management/insurance that comes with tenants' wood fire use:I'm thinking to seal the chimney cap on roof and run a cord putting an electric Infrared heater fireplace in there, so they can still open the glass and get heat and watch TV over the mantle, but can't burn anything or have any flame.

Watch a team of roofers come in and they can strip a roof and lay a new one in 10 hours.i had 3 guys dig a 12 x 6x 40 foot deep hole in a mostly sandy yard replace sewer line and refill in a day.

Everything seems to work as is for the time being, but I'm budgeting for the roof and furnace replacement in the near future.