Having cash reserves is essential to being successful in the rental business.

We have our 8-plex master keyed, using Kwikset and chose the Satin Nickel finish because it holds up better to the elements, which is especially important for exterior doors. 

Like John mentioned....if the pipe has essentially rusted out in several visible areas, its almost at that point in a bunch of areas you cant see just yet....its rotting from the inside out..... and you can just see the spots that have made it all the way through....fix it right....doing some band aid like suggested above is a temporary fix for a BIG issue that is waiting to happen....and when it does it going to cost you a TON more...fix it right.....

I'm not even sure if you're dealing with a brick wall, anyways....If you own a structure that is the latter (before 1910 and true masonry load bearing brick wall) and you've got severe masonry issues then you may be in a situation where you essentially need to rebuild the load bearing parts of the structure..... 

Essential you will have two payments to be made every month.

Account Closed if you don't have capital to invest tell him that, you're essentially trading sweat equity.

Any appreciation after that is gravy and it averages about 3% on up per year after that.If I can then hold that house that I've spent $40,000 on and have it rented, then that's pure cash flow...and I can eventually use that cash that's provided to me to bring it up to speed again every few years (and hopefully put anything extra in my pocket).When I go to sell that house, that I initially put $40,000 into, and with the tenants that have helped to fund the upkeep on it over a long period of time, I should be able to pull an additional $40,000 from forced appreciation out of it, plus an additional 3% per year so essentially you end up with, after inflation, that initial $40,000 that you got from that forced appreciation.  

There is a human element that is required through the process.

Essentially, you get the tenants to pay for all utilities.

Plans are essentially complete (custom home) and ready for presentation to a lender.