We didn't even discuss foundation.

Without a strong foundation of money management and personal finances, what good is a portfolio of properties or equities?

Next one will have a real concrete foundation though!

Currently leased for $1200 and I get 1-2 tenant requests per week, so it is a very secure rental area/property.3bd, 2bath, with an office that could be a 4th. big yard. brand new everything. foundation, AC, roof, fence, floors, kitchen, bathrooms, security system, etcAny help of suggestions would be greatly appreciated.

I would investigate what mechanical systems were replaced, the roof, foundation, etc. before plugging in a CapEx number.

The first thing you will need is stability to lay your foundation.

Will  this involve getting a soil report from a licensed soils engineer so the architect and engineer know what type of foundation they will have to design and the owner have built for the building?

My name is Beau, I recently bought a house for 38000 and I put 12000 in to it, (a total of 50000) it was a foreclosure with some foundation issues.  

Look at the foundation in the basement.Ask to see the utility bills of the tenants so judge if the hydro costs are reasonable, this tells you about the insulation.

If you listen to Brandon Turner he recommends you take a systematic, methodical, well calculated approach to establish a good foundation that you will build on.