Of course, if you do any renovations on the property to get it ready for rent, those renovations may need to be capitalized (added to your basis) or might be expensed, depending on what is done. 

As a business with expenses, taxes, insurance, non-paying tenants, maintenance and an empty rehab trailer haulaway he is probably clearing $500 a month +/-. 

ALWAYS scope the sewer line on any property you're trying to buy (a new sewer main is expensive).

I've had several bids for similar work in the past and pipe bursting seems to be a fairly expensive option.

You can hire someone to do all this and it will probably still be less expensive than LVP.

My current property manager doesn't instead sending a monthly ledger with the month's payments (company name, pay date, amount) as well as monthly income/expense statement.

See example below: DSCR < 1 Principal + Interest = $1,700  Taxes = $350 Insurance = $100 Association Dues = $50  Total PITIA = $2200  Rent = $2000  DSCR = Rent/PITIA = 2000/2200 = 0.91  Since the DSCR is 0.91, we know the expenses are greater than the income of the property. 

I do have the business start up expenses, plus the leases are under the LLC. 

Obviously, newer homes are the "safest" bet because they will likely not need any major CapEx expenditure.What's the oldest property you would consider investing in for rental property before major systems (electrical, plumbing, etc.) become a major liability and expense?

Would it be a good idea to pay for the downpayment on a house that’s less than $100,000 and let my lender cover all the other expenses since I paid for the downpayment and I don’t have to pay them back, but I still have to pay the cost of the house and rehab, etc.?