Are there any deferred maintenance items that need to be addressed (i.e. air conditioning, hot water heater, etc.)?

You most likely will be responsible for water/sewer and you might, I say might be responsible for providing a stove/refirgerator although this varies by area. 

They'll also then be able to reflect these strategies on your return.If you are going to be doing lots of deals, consider a CPA that understands setting up systems within your business that can help you make better decisions and make more money (weekly profitability reports by property, weekly project reports on rehabs, etc.)And finally- if you are planning on doing your own taxes, don't do it the first year.

@John Leyendecker, I did setup the system for my wife who is a Keller Williams Realtor.

Nobody had to give you a deal, if I had a magic system to purchase low I wouldn't be sharing it on here anyways, that would be my competitive advantage.

I decided instead to save the $ and create organized systems that help alleviate some of the more tedious work that comes along with managing the properties myself. 

You should file to get a judgement for the unpaid rent and other outstanding bills (if Rent is not paid, I assume water is not paid).

The large differences in living is how the utilities are managed; separate A/C systems in each room, separate water heaters in each point of use; i.e. bathroom & kitchen.

.* 45 vacant lots which have all dedicated utilities in place and are ready for homes to be placed on the lot.Tenants pay water & utilities & for yard maintenance.

You can still find properties for $40k (might need a little work)Curtis Waters  on here is a wonderful resource for GastoniaEverything is about networking.