Our realtor walked the home and only recommended minor touch ups.

I would if you have not already walk into the planning department in your fair city and ask at the counter whats allowed.

I'd do the home inspection first so you can get a really good picture of what really needs to be done, then contact the contractor to schedule a walk-thorough and estimate.

Have you walked with a GC for a quote on the 8 units that need rehabbed?

My suggestion in this situation would have been to show her a deal on paper and walk her through and see if that changed her mind.  

I've walked away from two multifamily deals in the last two years because of "major repairs".

Keeping my fingers crossed that inspector doesn't find anything so I won't have to walk away.  

What we'll list it for: 185,000 subtract 3% buyer fees - $5,550flat listing fee - $500 Sales price - expenses - $178,950We buy for $162,000 Closing costs - $4,860 holding costs of 8% interest only for 90 days - $3,370Total cost - $170,230Subtract everything from top to bottom and you get what we (should) walk away with, which is: $8,720

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I am based here in the Los Angeles / Orange County area and I was wondering if anyone has made any deals in this area that can offer some advice or expert opinion.The property is located on the South end of Lavon Lake, walking distance to Avalon park.I would appreciate the opportunity to discuss this property with anyone.