remeber the story of "big bad wolf and the 3 little pigs".TimelessNot much exterior maintenance. 

There is also a spot on the back of the house where some of the brick on the exterior is shifted down near the foundation.

The block had 8 vacant lots all of which new construction were built on.This 2/1 is now one of the smaller units on the block but nestled amongst some very new homes, so if I can mirror the exterior to the new constructions, I can borrow their curb appeal.Anyhow, aside from that, it has interior fire damage making in uninhabitable.

@Will Barnard - thanks for the answer. the only thing to consider is, since this a condo - all exterior expenses are covered by the Association.

The $6500 is including a new roof, new drywall in 20% of the house, T111 on the exterior (small patch job), new fixtures and faceplates, and many more to name.

I'd do an analysis of whether it would cost more to just pay him upfront as opposed to the equity stake but if you have that extra piece of mind and feel he is awesome at managing jobs and you can spend your time elsewhere then I don't see why this isn't a good agreement.3)Check out your comps.

That being said initially I had planned to power wash and paint the exterior of the building, but some unexpected expenses came up, and it also filled with tenants faster than expected, so I the state of the exterior paint wasn't a deterrent to tenants.

Initial capital calls for bigger items (roof / renovation) are easier to swallow if they're split between several parties as opposed to 1 person.3.)

Here is the breakdown: Demo: 1800 (not sure what all this includes as aside from a toilet, it is an empty shell) Electrical 9.500, Hvac 10,000, Plumbing $8,500, Misc/carpentry-$1200, Drywall-$5000 Interior paint/plaster repair $1900, Insulation $4,500, Exterior doors/windows-$9,000, Siding to repair damaged area only $1500 (this is a very small area).

The tile on my own home is probably about an inch thick and made of concrete so I doubt any hail would damage it and there much less chance wind will blow it off as opposed to light asphalt shingles.If I decide to move there I will be installing tile on my roof, I did see some houses there with tile but most of them were million dollar plus homes.