@Timothy Burnes Don't do it. 10-20k in equity is not worth all those issues.Bed bugs are a significant defect that can take either $5000 and tenting the whole building for heat treatment, which requires vacating the tenants or getting them hotel rooms for a few nights, or a sustained program of prevention with bed risers, leg traps, sealed mattress bags, and the tenants need to keep it up for.. get ready for it.. 6 months, which is how long they can live without a meal.Sewage in the basement could be a big issue if you have a sewer backup problem.The sinking toilet sounds like it needs immediate attention, but at least that's a straightforward repair.The other issues are what I would consider "normal" as in, you could fix them but don't need to in order to make the place liveable.Based on the bed bugs alone I would avoid... if you are comfortable with this level of rehab you should be getting a way better deal. 

We wanted to do something local and get comfortable before moving out of a market we already know How did you find this deal and how did you negotiate it?

This might make you feel more comfortable pulling the trigger. 

I put down enough to keep myself comfortable with the mortgage payment while having cash reserves for the rehab.

I put down enough to keep myself comfortable with the mortgage payment while having cash reserves for the rehab.

Many may read this and wine about some action items not being feasible at this point in their lives, but that is just an excuse to stay comfortable where they are. 

You need to be comfortable with you team, and that includes the lender!

@Ragnar Lothbrok do not invest with anyone that you are not comfortable with or who is not willing to share the information.Please do not let it pull you off from investing with other syndicators.

Once im comfortable with my abilties and I get my credit score up I'll jump right in; it would be really awesome to use this site to find potential deals, local meetups, and mentorship down the line.

Then if you go the extra step and Airbnb your space while you are gone, you would definitely be able to live for free (and comfortably) and possibly pull in some cashflow.