Some of the properties are in need of repair but he doesn’t have to money to fix them all.

I'll have a better idea of the repairs needed later this week, but right now it looks like some light kitchen work (counter and sink) and possibly baseboard heater replacement throughout. 

Even if you set all the cash-flow aside, it would take a year just to build up a $2,000 reserve which isn't enough to replace the carpet in one unit and that doesn't cover cleaning, other repairs, vacancy, etc.I don't know enough to make the decision for you but the margins seem really thin based on what you've shared.

Your purchase price with only $80k of repairs and assuming no other costs like closing or money lending fees could be up to $145k to have to be at the $225k all in price.

Your numbers don't account for repairs, maintenance, capex, vacancy, etc.

If the house has sat on the market for more than a few days I would question what factors are scaring off other investors (bad area, foundation problems, extremely high repair costs, etc).

We have a software system that tracks payments from tenants, payments for repairs and payments to owners accordingly.

It’s a shoe repair store so it will only have a few machines and some shelves.

Given the repair needs on the building, I'd bet the renovations will be greater than $150k.

Looks like the home will meet FHA requirements and we will have to pay a bit more to get the crawl space dried out and have some blocks repaired, then have it re-leveled.