Now on the surface, I might think "well, then there is no problem" however, there are some logistical issues and I am wondering if there may be of factors I am not considering.

There's only a small list of surfaces that it cannot be present on.  

Maybe they should have seen the deteriorating pipes, but it can be hard to tell just by looking what is minor surface rust and what is a major issue.

@Rino Illiano, on the surface, yes.But, I guess the point of your question is either:How do I calculate net cash flow?

It doesn't really make any difference where you get the rest of the money from on the surface - hard money lender, bank, etc.

On the surface, it appears that you're only making partial payments on one property, and then moving on to the next property by adding another mortgage that you're still responsible to pay for with interest.

The new surface pro laptop?

Mold on every surface on the first floor.

Oil/Gas companies use directional drilling to drill 1,000's of feet under surface. 

Also we have extreme hard water that builds up and ruins fixtures and surfaces if not dealt with regularlyWhen I was in boarding high school in the 1980s, our dorms were crappy painted cinderblock 1950s buildings with commercial vinyl floors, but all rooms had private baths.