That time is well spent, but it's not an ongoing job, it's an ongoing obligation to follow your debt reduction plan. 

Finally, I took the red pill that was spoke about in the recent podcast and realized this is what I want!

Equity accumulation through principle reduction. 

With the Big 5 banks tightening lending (reduction in loans, stress test), you will be seeing a lot more "price relief".

Yes I see a slow down, buying on speculation or even on current ARV's is risky and there should be a cushion in case some quick reductions are needed to get out of a deal. 

yeah, foundation issues are a no-no for me, unless I can negotiate a super steep reduction on the ask price.

If you know the area as well as you should when you're investing, you can also buy without a realtor and use it to try to negotiate further reductions in the price of the house by 3% (what would be buyers agent commission). 

Figure out what it is going to cost you for the evictions, lost rent, etc. and try to get a reduction on the purchase price of the property.

Do I treat it as if I were purchasing a home and ask for a price reduction/credit towards those systems if they are in poor condition?

@Joe RuggieroIf separate electric- tenant can take care of water/sewer is typically a landlord (unless separate meters) trash- is city/town dependent, but they typically buy their own trash bags For water reduction, you can purchase shower with less GPM as well as faucets.