*You can BRRRR the property in either case by performing a refinance after the repairs are made.

And When I took over my current Multi family property I had to make it clear with the current tenants that I would not allow them to perform any work on the property.

I want to be able to roll up everything into something that I can hand to my accountant and use for generally keeping tabs on the property's financial performance. 

Does your cousin not have performance details about expenses and net cash flow?

I am interested in investing in the palm springs/ Coachella valley, and wanted to get more info on which locations exactly and which property types/sizes perform the best?

I'd go closer to 20% since the house is so old and (I'm guessing) you haven't had an inspection performed yet.I know you said you'll be managing the property yourself, so I'm SUPER-glad to see you including a 10% PM fee anyway. 

You said apartment investing is a team sport -- you're right -- and I count this community as a member of my education squad.

This third area is where we perform better the worse the real estate markets get.

The seller is about to eat your lunch for non-performance.

To meet code now days you can’t just have 4 circuits anymore, so I would be very clear about what is being performed by the electrician when they say full rewire to code compliance.