This is the roof of the first floor. 

The roof, AC, plumbing, electrical and flooring will eventually need replacements.

The house's exterior is constructed of brick material with a flat tile roof.

But the other side of the coin is correct - the downside, and it can be huge, is potential assessments from HOAs who aren't solvent enough for new roofs or roads or maintenance.

The home was in rough shape—think mold, a hole in the roof, and years of water damage.

Do you save three months of vacancy for each unit and $50,000 for the roof replacement?

Roof repairs, broken this, broken that.

I'm the VP of a roofing company in South Florida and work with a few good PM companies on a regular basis, a lot of bad ones too.There are good and bad PMs in each of those companies. 

It's what you paid, minus the value of the land, plus what you spent on long term repairs (roof, furnace, etc.

Roof lines, window styles, and masonry/siding all play into this natural flow, and the biggest mistake you can make when designing your flips is not following the flow that is already present!