The last thing you want to do is find yourself scrambling for money because windows start leaking or the parking lot needs resurfacing. 

To me, if you're going to have to come out of pocket to replace the roofs, resurface the parking area, replace big communal boilers, etc. in 1-2 years you might as well add (for analysis) those into the purchase price as your cash-flow won't build reserves fast enough to cover those.

I just had these professionally resurfaced in a duplex.

I prefer vinyl plank so I don't have to replace.Counter tops---if they are ugly then resurface.

Do you have to replace the kitchen or can you paint or resurface the cabinets?

Any kind of cap-ex like an HVAC replacement, resurfacing that pool, dealing with that flat roof, etc. and your upside down (from a cash-flow perspective).  

With these I also state the option can not be exercised before day 366, less your tax hit resurfaces.  

The tub resurfacing is done - fantastic result for just $250 per tub. 

I know of the Kensington reputation, but there are certain spots resurfacing in the community, anyone have experience flipping or buy/hold in this relative area?

CapEx will be used to replace roof, rehab down and new lease units for rent ready and resurfacing parking lots.