Not only will appliances and mechanicals need updating, but linens, furniture and decorations also need updates over time.

It is required to have a building permit/inspection and hire licensed professionals for Electrical, Mechanical, Plumbing, and structural engineering for load bearing, gas line work, and septic systems. 

New mechanicals.

You can focus on the mechanics of capital raising, the legal set up, good customer service, that's what I did when I got started nearly 22 years ago.

@Bryson Williams look up the rules for your state, in Virginia, if you own the property you can pull your own building permits and do your own work, this includes the mechanicals .

The emphasis here is on simple, cheap, and effective.Thanks very much!

I updated the bathrooms, floors, kitchen, Mechanicals, sewer lateral, Paint, doors.

New mechanicals (electric, plumbing, HVAC), new kitchen, new bathroom upstairs as well as additional bathroom in basement and 1/2 bath on 1st floor, cosmetics throughout, and a finished basement.

As to TC in Pace's world and his tribe its coordinating how to do the mechanics of a subto or other owner finance type transactions and just a made up name..

@Austin JamesUnderstand the area, the current tenant base,the median income, is it in a flood zone, the age of the asset, the condition of the plumbing, the electrical wiring, the fuseboxes, the age of the roofs, the age of the mechanicals, the condition of the foundation, the drainage of the property, does the property have a C of O, is there ny environmental concerns such as oil tanks being buried, the current property management company, what are the amenities.These are just a few things to look out for.