Why would you jump ship to save a few dollars? 

In Parts of the SF Bay Area its mandatory prior to changing owner ship to see if you have clay pipes and if you do they must be replaced with a new waste line.

Which is its a low cap rate deal, you might need to put 40% down in order to meet the banks DSCR loan covenant. 

The excitement then went through the roof and the owner wanted to do three or four at the same time and the next thing you know the whole ship went down in bankrupt.Just something to think about. 

4) new roof, new HVAC, new water heater, ac panel, replacing plumbing to PVC5) framing (creating new bedrooms or baths)thanks to everyone that are willing to share this info according to their experience.Dean,  Each area is different due to material availability/shipping/labor force/etc...

@Marie CopulHunker down and pare down your lifestyle expenses as much as possible so you can replace what you need as quickly as possible.I did have a client take down a 57 unit mixed use apartment deal that added $1.1M to his net worth and $180k a year in cash flow in 12 months but those types of results are not typical.However, some type of commercial real estate would be my suggestion and one where you are driving the ship so you keep most if not all the equity.I have some ideas for you and would be happy to talk you through them.

It was a several million dollar commercial deal that was going sideways before we got involved and steadied the ship.

It's also important to be aware of any deed restrictions or covenants that could impact your intended use of the property.A Personal Anecdote:I once assisted a client in Omaha who purchased a Freddie Mac home intending to convert it into a rental property.

It is restricting my freedom and ability to buy more properties.Hey Elisa, Unfortunately, there is no way to bypass the HOA covenants & restrictions.

Something like this:  Admin/Mobilization/Shipping: This section accounts for paperwork and other administrative tasks.