Big ticket items such as: toilet leak leading to replace the whole bathroom floor, faucet leaks on under sinks, etc etc (something I hadn't noticed during my initial inspection).

Upstairs unit, owned by someone else had a leaking toilet which led to extensive water damage to my unit.  

Note wooden cabinet (also pictured below) for image continuity.Hot water tank for upstairs (which I intend to move to the basement); 3" copper is upstairs toilet.  

@Michael Reyes - i've been putting together a strategy similar and saw this post and wanted to see how it all panned out for you?

And state that you'd obviously do a lot of the leg work, you'd just need to be shown what to do.Finally offer, if they have any other needs in their business, that you're really hungry to get involved and to learn the business, so if they needed help answering phones, cleaning toilets or whatever, that you'd love an opportunity to work with them and help out. 

Besides its not passive income if you are unplugging toilets and painting between tenants. 

You're not getting normal homeowners insurance, which you might have calculated for 250.yes the roof is not your responsibility, but repairing the fridge or having the disposal replaced is totally on you. replacing appliances is also on you when they finally die. lights, faucets, toilets, flooring, ceiling fans all have a finite lifespan.

Water is pumped from the lake to the toilet that's located in an outhouse.I am wondering where do I find financing to buy-out the other party?

I also plan to hire them even to do stuff that requires a license such as installing fans and toilets because they give me a better price.

If your good at it, you can make some dope cash without any broken toilets or BS.