Although I agree great cash flow is great, having someone else pay off your investment (thus "buying" you equity), and having depreciation to counter your income (conditions apply, so do your homework!)

Either way, as long as you manage the building make the repairs, do your walkthroughs it shouldn't matter in my opinion.I am responsive to my tenants they have told me about previous places they have lived and the conditions that they lived in.

We now have a reputation in our small town for closing quickly on homes in any condition. 

FHA loans will not allow you to do much "fixing up" as the property has to be in excellent condition to pass the inspection.

Hello , I have the option to purchase a fixer upper and i was wondering should I get an appraisal on the property in its current condition......

Appraisal came up way short, $158k with all kinds of conditions.

What is current condition?  

Condition. 

BUT one giant caveat: when the landlord is aware of a dangerous condition, the landlord arguably has a duty to kick out the tenants and make the repairs ASAP so that the dangerous condition is fixed.

They don't have a one-off policy that says it's close enough.If the mortgage is more than the value of the home, your deal is subject to third party approval, which means it doesn't have any value.Two things:one, when you're sending in a blind offer off-market, they have no real idea about the condition of the property or the value of the property.