We have reinvested current cash flow into unit renovations, fixing water leaks and other plumbing.

What about electrical, shared plumbing, gas lines?

By hairs, I mean foundation problems, legal problems, tax problems, electrical issues, plumbing issues, roof problems, snakes (yes, snakes..i have seen it), bee hives, lousy neighbors, etc.

I have a couple rental properties and there would be no way that I would tough any electrical, plumbing roof issues.

Plumbing, HVAC, roofs, etc all reach their end of life at some point.

I found a great property that has old galvanized plumbing throughout the entire house which I am definitely prioritizing to replace immediately after closing.

“A perfect depiction can be on instances when tilling of floors is done sloppily and it leads to plumbing problems such as water leakages.

Yard maintenance, HVAC / Roof / Appliances/ Plumbing/ Electrical/ pavement (concrete outdoors)/Flooring/ Tenant Turns/ and oh so many things that will cost money, and best to plan for them up front.

A house is a house; they are fairly simple things; and any reputable tradesman should be in and out in 1-3 days unless you're doing a 100% gut to the studs and re-plumbing/rewiring the entire house. 

Repairs usually lag and what happens when the plumbing breaks in two units or when the tenants all hate each other?