Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

The other part is that in doing any single unit work, it appears likely that walls will be impacted in the below floors, if at least for plumbing access - which is an issue while tenants are in. 

I want to be a fly on the wall when this guy gets audited...

Quote from @Jaron Walling: @Phyo Ko You have a lot of great advice here about holding, learning, and growing as an investor.

Added a W/D to the unit and built and sound-proofed a wall between the home and apartment (with built in shelving).

After that the investor would retain 20% equity in all future rental income and property value. 

The noise coming through the walls and ceilings would be just a start.  

Descent painted walls, affordable flooring - read “pretty cheap tile”, a good roof, and fixtures that work.  

They're everywhere - whether it's Redfin....or the Wall Street Journal.The info you want to hear and listen to is information coming from other investors working and profiting in your local area.

She is always intoxicated ( alcohol for what I smell ) , the condo inside stinks, she has numerous animals and it is full of roaches, food all over the place, electric cables coming out of the wall and it smells like something is putrified in there.