Or do all repairs need to be corrected before any sale of the property, even to a flipper? 

I'd advise you to stay away from an asset that is extremely distressed and in need of a ton of repairs. 

Growing up my parents had a few rentals so I had some background, but my involvement mostly consisted of helping to clean, paint, repair, etc. to get the house ready for a new tenant. 

I recently had to replace some water damaged ones, and having struggled with this stuff in the past to do a decent repair job because of the blind tongue & groove nature of it, went to Harbor Freight and bought a 1/4" air crown stapler for $20.

I would try to do the 203k loan to finance most of the repairs.

We’d both purchase through our LLC 50% each.Thinking use a joint account between us to collect rents and hold funds for repairs and cap ex funds etcAny thoughts on how to structure?

Who is responsible for the maintenance and repairs ?

The condo master policy covers "sheetrock out" I was told, and they have a $10k deductible.  As landlord, I didn't have any additional insurance.  So now the insurance company has finished their investigation.  I need...

Structural repairs will have to be made in the attic and crawl space.

Structural repairs will have to be made in the attic and crawl space.