This assumes that you set aside $150 for maintenance and 5% for vacancy, that you self manage and that your HOA fees cover the issues outside of the walls.

They will help minimize major short cuts that you wouldn't catch.So, please, don't waste the money I did.  

The fact that he doesn't even want to move into a renovated unit is in your favor as it sounds as though your reno efforts may be a waste of time and money in his case.

These are the top things we change:Add a bathroom if you can near existing plumbing. i.e. add a Master Bath if a wall is shared with the hall bath.Update the kitchen: cabinets, fixtures, appliancesUpdate bathrooms: cabinets, tile, toilet, bathtub/shower if neededPut in pergo or wood floorspaint everything inside and outchange any non-modern light fixtures and fans.Don't pick fancy and expensive stuff - you start to get into personal tastes.

The issue is there is water leaking through the walls into living space. 

-Paint all walls the same color the same quality.

I know it can happen but I have watched so many deals like this die it makes me skittish to ever try another one (so much time and resources wasted by myself and my friends in the past).

Thanks, @Frankie WoodsWhen newbies send out letters and they do not know what to say, when to say,  and how to say it to home sellers, they are wasting money and time.Dont be a One Trick Pony, Be a Transaction Engineer. :)

Jobs seemed to be made by professionals as removed walls contaminated with black mold and gave them the right treatments, but nobody knows who it was, no one knows where the cabinets go and all the stuff inside the property like dishwasher refrigerator etc.

I too am new and wanting to get started with little money so I don't waste my time on filling my head full of stuff I'm not ready for right now.