@Ryan BrayHUD will not turn on the utilities and my guess is you are outside your 15 day window where you could at your own expense provided that the PCR report did not find anything that would prevent it.Your option is to ask your lender if there is any work around such as an escrow for repairs or an as-is appraisal. 

You get built in property management which makes dealing with repairs easier. 

Any expenses you put in to renovation or repairs are not deductible, but must be capitalized after the property is in service. 

Aside from the risk of taking on the property with tenants, you may also have to purchase site unseen which makes it tough to calculate repair costs. 

The plumber’s report indicates that the leak may have been caused by an overflowing tub or sink upstairs, but the tenant in that bedroom denies any such incident.As a result, I now have substantial expenses for the plumber and restoration company, including drywall repairs, painting, texturing, and reinstalling electricals.

I haven't reviewed the Standard Lease Agreement yet, but all I need is the right to sublet, and possibly some negotiated capital responsibilities (owner pays for repairs over a certain amount or split responsibilities on certain expenses).

Your loan may also be capped at 65 or 70% of the after repair value.

We take pictures on a pre-inspection only of existing damage, which generally doesn't exist because we repair anything that happens between tenants.

So if you want to handle the extra work, like cleaning, repairs and all of the calls and texts, then go for it.

Hi @Lolo Druff, @Nicholas L. referenced my previous post about buying out of state - I've had mixed results in Indianapolis metro area, Class A (nice suburb, great schools) rental has done well but Class C has been a huge headache (repair costs, stolen AC unit, attempted break in).