These assets normally are in need of a capital improvement campaign and/or a serious management turnaround.

Originally posted by @Nayeem Khan:I would get a floor grinder and sand down the top coat of the cement. ...Although this might normally be good advice, the OP stated that the flooring had been asbestos.

I would not bother trying to 'back out' any of the mortgage or other normal household expenses and try to justify that as profit.

Is the faucet supposed to break after 4 months of normal use?

@Tram AmbersWelcome to the site.Owner occupied multi family is a great way to get started but does have it's negatives.I would make sure you took your time and only placed someone who would normally qualify as a tenant but also someone who you could get along with.

Still looks like it could make for a great deal but with historic buildings there are many things that come into play that you normally wouldn't encounter.  

Airy as well, and recently have been doing some normal maintenance/replaces on my home such as brick pointing, new wrought iron railings, new steps and patio. 

If you are normal then you would do what normal people do which is nothing.

Having contacts with these guys is great but your not actually providing those services only being the connection to them so I would assume your going to need to take a smaller equity position then we normally do or put up a larger amount of capital then we do to get the same equity split. 

Seth B.We would normally follow the approach Marcia outlined above - take a holding fee (non refundable, but transferrable to their security deposit if a lease is executed).We frequently rent to international students (dealing with two in Germany and one in Australia at the moment).