One unit is renting for 600 and I'm ok with it in its current condition, would up the rent after they move out and do some repairs, rehab.

What condition is the property in?  

Also, in the event there is damage to the premises that the current owner is not aware of, how do I know what the condition of the property was prior to the tenants moving in or if they are trying to recoup their security deposit by claiming that the damage was there prior to the tenants moving in?

Meaning...what CURRENT condition are the mechanicals, roof, windows, etc?

And the property owners at that time came to form a partnership with a "committee" and created bylaws, which regulates the covenant, conditions and restrictions.

., there is a new program now for investors, 80% LTV, with the only condition of property appraisals based on 110% of projected income.  

The property is in surprisingly good condition but there is some room for value add.

I'm acquiring a rental unit with an odd porch post repair, if i was to repair it to original condition what would be the cost?

Current market conditions won't matter that much of it's a long term play.

BTW I use a 12% Cap Rate because I live in a very rural community and most people are trying to get out of the market due to the unstable conditions of a certain university.Thanks,Dakota Hicks