@Jay Hinrichs - on the options, what are the mechanics of you getting paid as the Optionee - would you 1) Assign the option to your buyer2) Enter into a P+S with the seller and assign that to your buyer3) Do a double closing4) Get an option 'cancellation fee' (on the seller side of the HUD) as your buyer buys from the seller for the price he agreed to buy it forJust curious, I've done all four.......R  :)

(The mechanical room had a ceiling light with a pull chain.) 

I have a degree in mechanical engineering and ~5 years’ experience in the field.

I would charge the tenant for the door upon move out.When you purchase turnkey, you need to make sure they replace mechanicals.

Depending on the finishings and how much mechanical and engineering work the property may need, $150k may be accurate. 

The tenants have been long term, so I honestly wouldn't be surprised if the current landlord hasn't kept up with a lot of codes and regulations.You would need some of them such as a single rental license, and others would be a maybe depending on the mechanicals of the property. 

Take care of the mechanical parts of the home and write them off at tax time.

. - Land/zoning/UDO/flood maps/property drainage - Sewer - Foundation/structural - Measure the property yourself to make sure it is in the ball park of the stated sq'- Plumbing / Electrical / Mechanical - Roof- Cosmetic ... this is usually the only obvious thing and has the fewest expensive surprises. 

They had completed a lot of rehab & new mechanicals & appliances. 

If you have a basement with mechanicals in it that also factors in.