The landlord is required to repair EVERYTHING!

@Ludwig Koeneke There is an appraisal form type that you can order which gives both the AS IS value as well as the After Repaired Value based on the scope of work proposed that you submit. 

Once, a tenant left a massive stain on the rug beyond repair.

Start by thoroughly evaluating leads for profitability, calculating ARV (After Repair Value) based on comparable properties sold in the area within the past six months.

He did the repairs and remodel himself.

Renovations and Repairs- The property is  a ~100yr old brick  building and will require some work before its rent ready. 

The partner will help with holdingf costs, closing costs, repairs and get half of the equity.

Using these, you should be able to get most maintenance issues addressed in less than 90 days.One other thing, different tenants prioritize different repairs.

Find a renter, qualify them, move them in, collect rent, oversee repairs, re-sign leases, move them out, turn the unit, rinse and repeat.

That HE loan would make you cash flow negative on the first property, especially considering you are not even factoring in any repairs, maintenance, vacancy or management.