If it was me I would rework the numbers and make the tenants pay for water and trash and bill them separately by square footage since you on't have a separate water meter.  

Point being, to me it still seems like a good deal to close on this property as I could cashflow about 800-1000 bucks per months so if I was left to repair those things (assuming 12-15k in rework) ROI would be about a year or so.

If something is off a bit or doesn't quite match site condition it's very hard to send it back to the factory to have them rework it.

If you find one that can start immediately you'll probably want to keep a close eye on his progress for the first few weeks.Rather take the time now to get a good GC to prevent losing weeks through needing to replace him or needing to do reworks that will cost you on time and budget. 

Have you givin any thought about reworking it into a membership spa, with rub downs, heated rocks, aromatherepy, etc... and try todraw the financialy better off couples crowd, weight loss, dieting, extras like that???

A Denver focus committee is in the process of re-working the group home rules now, so we will see what they come up with (licensing may be in the future).

That would be a type of value add... reworking the lease to get the tenant caught up. 

Added a second furnace to the home, split the electric, added fire and sound separation between the units, and a complete main floor remodel plus floorplan rework to add two bedrooms.

All these materials are still common today and/or easy to adapt to and re-work.

These are my top 7 reasons for investing in notes:• Generate interest income• Purchase at a discount for increased yield• Backed by real estate as security• Less hands-on than owning property• Licensed third party servicers can manage payments and collections • Ability to re-work the note, take a deed in lieu, or take the property back through foreclosure in the event of non-payment• Profits are tax-deferred (or even tax-free with a Roth IRA).