Replaced the carpet with LPV flooring, added new windows, and fixed minor issues with the property.

Replaced the carpet with LPV flooring, added new windows, and fixed minor issues with the property.

I have had one on rentals before as well and I renewed one for 3 years on one of my properties where the hvac system was old hoping they would replace it. 

If that is manageable under most circumstances go for it. 5 year balloon not ideal, but essentially you are replacing a 2 year balloon (hard money) so you are safer.

Then learn how to replace $118 Honeywell solenoids on the fly onto an octopus of very hot piping, HVAC quote $425. 

A lot of the valves were replaced, toilets all replaced etc.. everything was bad that we found.

I don't think that the extra room could be converted to a bedroom.My goals are long term cash flow to replace W2.  

I had my water supply pipes replaced with copper and added a lot of electric lines to the kitchens and bathrooms where most big appliances are being used. 

The decisions they make regarding their finances is not necessarily optimized for a real estate investor, meaning you can get recklessly negligent HOAs who don't make necessary repairs (like in the Surfside Condo Greg mentioned) or who are over-zealous in repairing/replacing things that work just fine.

The inherited tenants have lived there for over 17 years so at minimum I expect I will be replacing floors and painting everything.