I looked at the exterior the other day and it most likely is going to need a new roof soon, also the exterior could use a new paint job but nothing too terrible.

A rude awakening will be upon most when the roommate they sleep with thinks they have community property and are covered.

Keep in mind we do not have known cost amounts for these repair items, and can just make estimates, and hope no other costly issues are uncovered after attacking some of the repairs.My question is, with our next interaction with the selling agent, should we:A) Ask for the major repairs be metB) Ask for a decrease in agreed upon price (without great idea of what the repairs will cost)C) A combination of both; settle with some repairs met, and a decrease in priceOur entire list is below: (keep in mind that I am not sure if all of these things need direct attention to get the unit rent-able, or if some items can be overlooked for now and deal with later as they become more of a problem)Repair List:Items that need attention before renting unit:Big Ticket Items:Install furnaceInstall all new appliancesInstall water heaterExterior electric power supply is damaged, needs repairInstall guttersNo termite treatmentNo gas meter, install newAttic decking has moisture damage, needs repairSmaller Repair Items:Install electric panel faceplate and secure exposed wiresTwo prong outlets (could not test), swap out, install GFCI where neededTrim tree limbs in contact with power linesMissing light cover under front entranceRepair kitchen windowsRepair kitchen sink leakRepair utility room leakInsulate atticSeal gaps in living room doorLoose bathroom faucetAdjust shower water pressurePatchwork performed in multiple rooms, walls are plaster on wood lathe- which I have been told can have asbestos issues once opened upDeferred Cost Items:Large tree removalTorn and missing roof shinglesSeal plumbing boots on roofRaised soffit under car portSecure electrical lines in attic, they run over attic stringers, not through them (necessary?)

New deck, Roof, HVAC, Floors, Furnature, Hot Tub, Landscaping.

With minimal expenses, I netted $3500 in cash flow for the year.Investment Strategy: This was an appreciation play, I could cover if it went wrong.

On the other hand, you have a collection of individual homes on one area of land, each with their own door, roof, foundation, etc.. 

I am about to start a flip in Rockford and am having trouble locating a good roofing contractor. 

@Chayson DesciscioloYou definitely will want to have an attorney draft up the document - I've seen too many DIY agreements that don't cover the person the way they want or thought they were covered and it ends up costing more in the long run to fix it than to just do it right the first time. 

The best thing you can have ready would be some tarps, a couple dozen 1x2 wood strips to hold the traps down.....if you lose a bunch of shingles you need to cover the roof....it will be a couple of weeks before you’ll likely get someone else to do it.

Some states have a recovery fund for licensed contractors but may not cover non-owner occupied or commercial entities.