(all units are 3 bedroom)roof is 15 years oldtenants pay untilitiesheat is electric3 new hot water heatersno other big ticket items to potentially fix just roof and hot water heaters.overall condition is good. section 8 approved all 3 apts with no issuesincome from rent is 26,400taxes are 2100ins. 1400town water/sewer 1600property managed by meassume 5% vacancy 1320assume 5% maintenance 1320income 26400expenses 7740debt service to be determinedas you can see expenses do not come close to the 50% rule. i cant imagine that my hard money terms would cut too deep into the remaining income.

Other big ticket items seem to be in decent shape - HVAC (2007), hot water heater (2011), newer roof but I'm going to verify (doesn't look bad at all, I guess middle of life). 

For example, replacing a broken furnace would be considered a repair, but replacing a dated carpet would be considered an upgrade.If you present a big repair list filled with small ticket items, you do run the risk of annoying your seller.  

If there are larger ticket items that are needed (cabinets, windows, hvac, etc) then I add it on top.

I'd have my father look at big ticket items like water heaters, furnaces, etc and how new they are.One of the concerns I have is, in 2008, this area was flooded (a lot of the city was flooded, causing millions of dollars worth of damages) and this property was one of the ones that was hit by it.

I do have the cash flow (from my day job) if any big ticket items needed to be replaced before fully accrued for. 

$80k for an equity stake of future profits (if he sells) without interest payments sounds like an $80k lottery ticket to me.

I received two free tickets to attend a huge Real Estate Wealth Expo in Atlanta with several celebrity speakers.

Side note: nothing solves the responsiveness quite like booking a plane ticket.  

It can be anything from collections, to speeding tickets.