They can only get the big bucks for new fixture counts, so having that info handy should get you an assumption of at least 12 fixtures. (5 toilets, 5 bathroom sinks, and 2 kitchen sinks (two units permitted))Something to help you back trace, it is possible you might be able to get a mechanical permit number from the utility for the gas meters, and see if that permit number is associate with a building/structural permit with the city. 

Repairs shall include such items as routine repairs of floors, walls, ceilings, and other parts of the Leased Premises damaged or worn through normal occupancy, except for major mechanical systems or the roof, subject to the obligations of the parties otherwise set forth in this Lease.6.

While I'd never personally buy or build a new single family home, I'd totally buy a new multi-family property as new duplexes sell near what 2004 construction duplexes sell for and you have MUCH less wear and tear and will need lower annual reserves since you know your roof and your mechanicals will last longer.  

You can pull your building permits yourself, get the contractor or sub to pull the other three (Mechanical, electrical and plumbing).

One thought I had was to try refinancing into a 203k loan, but I'm not sure of the mechanics of that (or if there's a seasoning period between purchase and refi).

Or an auto mechanic to fill up your gas tank.

Hello all,I'm currently in search of a new tax preparer who has an emphasis in CA rental real estate, cost segregation, 1031, pass through s-corp to personal 1040.If you are a CPA and accepting new clients, I would love to have a conversation with you.  

Every lease has 2 mechanisms in it, property hold and FINANCIAL, do the work of learning how to use the other to help the first.

And if you wouldn't take that deal, you probably don't like money as much as you should.Using leverage for real estate holdings is obviously a bit different (more risk, more potential reward), but the underlying mechanisms for generating higher returns than what you can get with your own cash are exactly the same.Based on that, it's hard to argue that leverage itself is "bad".

It probably depends on the condition of the mechanicals (HVAC, plumbing, roof) and quality of rehab completed before tenants move in.