Assuming you are doing a drywall ceiling you need to ventilate this space some how and treat it like a crawl space, is one option. 

Both of these properties are 6 to 10 unit multifamily buildings, located what was a very rough part of LA that is improving, and has lots of investor activity.

There were all zeros in the column for "improvements", "fixtures", "household personal property" and "business personal property". 

Or if the larger deal you are buying has enough meat on the bone from a value add standpoint, you can force the apprecation by stabilizing expenses, pushing rents after performing improvements, and then refinance your new deal and pay off the hard money loans on your condos. 

You could also look for a home that needs some work, make improvements to improve equity and take out a HELOC to fund the next deal. 

Thanks for helping further  improve the neighborhood! 

Virtually all mobile home park deals are for the land and improvements, and moms and pops always seem to include a few park-owned homes, as well.

New Owners will have to clean it up but it will improve their ROI when they get a new renter in at market rate.

Under this system, everyone wants the improvements and repairs made ASAP so that they can get the highest amount out of their own condo because you can advertise it as having a new roof, etc.Also, it's better to have a condo with a property management company, even though in theory this might be more expensive, because being willing to run for the condo board does not equal being a competent property manager. 

They can be purchased with short-term funding if improvements are needed before being tenant occupied and when the deed has been seasoned for 6 months (your LLC has owned it for 6 months) you can do a cash-out refi with the LLC as the borrower and it is considered a commercial style loan (even if it is a residential style property).