If a landlord needs to enter a property for an inspection or repair, a two-day notice is required.Our Governor passed anti-squatting legislation a few months ago which allows owners to have the police remove them as opposed to before where it was considered a legal issue for attorney's to deal with.

I have enough personal income that I can pay for cap ex and repairs if I need to (most people can't, and shouldn't, do this unless their W2 income can support it).

@Ryan BrayHUD will not turn on the utilities and my guess is you are outside your 15 day window where you could at your own expense provided that the PCR report did not find anything that would prevent it.Your option is to ask your lender if there is any work around such as an escrow for repairs or an as-is appraisal. 

Any expenses you put in to renovation or repairs are not deductible, but must be capitalized after the property is in service. 

He started with me just after retirement and I recommend you look for a handyman who is retired because they are typically less expensive and as my guy likes to say, every day is a Saturday and that means they can get repairs done quickly.

You get built in property management which makes dealing with repairs easier. 

Aside from the risk of taking on the property with tenants, you may also have to purchase site unseen which makes it tough to calculate repair costs. 

The plumber’s report indicates that the leak may have been caused by an overflowing tub or sink upstairs, but the tenant in that bedroom denies any such incident.As a result, I now have substantial expenses for the plumber and restoration company, including drywall repairs, painting, texturing, and reinstalling electricals.

I haven't reviewed the Standard Lease Agreement yet, but all I need is the right to sublet, and possibly some negotiated capital responsibilities (owner pays for repairs over a certain amount or split responsibilities on certain expenses).

Your loan may also be capped at 65 or 70% of the after repair value.