In rare cases where a tenant needs that, they would bear the cost.It still may be the case that that MF carries less risk than office buildings, but a building with a large number of small executive office units would logically be less risky than traditional office space.Also, I initially presented an oversimplified scenario just to compare the different property types.

Bear in mind, you will save a considerable amount if you are able to do the work on your own.If your not comfortable making a call on the ARV, just ask an agent.

Bear in mind, these are usually short-term loans and you will need to sell or refinance with a traditional lender once the repairs are complete, depending on your strategy.

If you're in a state like Massachusetts even if you're in the wrong and they DIDN"T put the money in a separate interest bearing account they're liable for triple damages. 

Those that spend their life preparing are far less likely to succumb.I live in Grizzly bear country.

I had a contractor in last week who looked at a few walls and told me they are not load bearing, no problem at all to knock them out and move them to change the floorplan slightly.   

You may want to consider a slider where you have to account for a high count of CAPEX/maintenance in YR1 to handle a majority of the issues, or go back to your seller and say the age of X is Y, and needs to be replaced, and it'll cost Z, so you'll take $ off to pay for it.Other costs to bear - township/city costs (licenses, inspections, COs, registrations, etc.), common electric, water/sewer, garbage fees, tolls/gas/mileage, your time, HOA, etc.

Bear in mind, my focus areas are in the NE where the housing stock tends to be older. 

Our investing horizon is simply too short to only buy in  bear markets and sell in bull markets. 

Not wanting to bear the burden myself, we had a conversation with the seller (who did not want to replace the system), and ended up getting it inspected by a 3rd party inspector to which it failed.