He has actually be a life saver and I think it's in decent shape. 

Yes, I left a lot of equity in them but I don't need it to fund the next deal or life expenses. 

Have you read Set for Life by @Scott Trench?

@Angelo Caruso I would determine your reserve based on the age of the property, the age of it's most expensive limited-life components (roof, HVAC, oil heater?

Then you'll get the cashflow without the repairs (because in a sense you made the repairs up front).Ultimately, it sounds like you have a lot of life planning to do, and lots of options to weigh.

Isn't this a health violation?

Isn't this a health violation?

If they miss a disclosure or forget to give even a minor piece of paperwork it could come back to bite them pretty hard for literally the rest of their life. 

Most accurate way is to inventory any capex/maintenance items you are responsible for as opposed to hoa, then calculate expected life and replacement costs.

Once given life, the P.O.S. inspections because City Departments filled with people who only care about job protection, and certainly not the well being of the community or its members.