I assume that by next week at the latest they will have begun working on improving her personal credit.

If so, I see it as an area that will improve in desirability, growth and value.  

Nonetheless, I challenge you to think about a plan for acquisition, for improvement, and for dispossession.  

Or, perhaps it is one of those sought after situations where you can spend 150k over 20 units and raise the rent based on the improvements, and perhaps pull out you equity for the next deal.

Multiple sub contractors with multiple separate contracts are not allowed..Repairs/Improvements must be completed by licensed contractor(s) as required by local/state municipalitiesRepairs cannot be completed by a related or interested party (i.e. relative, real estate agent, seller, broker, etc.)Borrower selects contractorContingency Reserves Minimum 10% is required.

Starting out and looking to continue to improve my process.

Vacancies mostly depend on how improved is the property - condition.

I only have about 15k in savings and didn't see much improvement over the 10 years and would like to start investing into real estate since its a great way to earn cash on cash return. 

It is good to run the numbers, but the most important thing is to know the location you are looking at and what sales prices and rents the neighborhood can support.The price for this place is $272k and that is the short sale price, i have spoken to the agent and that is the best they can do.Rents are likely between $1200-$1300 per floor, no real need to improve the units as the neighborhood is unlikely to support higher rents at this time. 

Monthly cashflow improved by $150 from the debt restructure.