Besides that everything in the house else looks well so far.What repairs are absolutely necessary, what is nice to have and what is no need?

The 203K loan will finance all the repair costs + purchase price.

Is this a good investment as it will take 2 years to get money back plus always issues like AC, repairs and stuff.

i.e. are you opening walls to update electrical and plumbing, changing floor plan, etc.All the above will play into deciding the direction best pursued and whether to opt to replace the entire heating system (and with what) or to repair and retain components of the existing system.

When I asked to have a conversation about it, the owner of the company insisted that this was an emergency repair.

Hello Sanjeev,its a triplex with possible section 8 in one unit. yup lots of repair work needed but nothing major

Even there is no money down, you will need some reserve to pay for closing cost, loan origination fees, may be some deferred repairs and so on. 

Where have you accounted for property taxes or repairs/ maintenance or property management if you plan to go that route?

Hi,I'd like have an idea of average cost per square footage as far as a 1) light cosmetic fix, 2) full renovations and also 3) gut renovations in the San Francisco Bay Area...Thank you,Felipe

He could delay important repairs and not do them to make the financial statements look better.