The property has had some work done on the interiors, though strangely, it’s mostly been larger “improvement” jobs while simple maintenance is lacking… So far we have re-roofed the building, gutted the overgrown landscaping and fenced both back yards, put up security lighting, fixed some plumbing and electrical issues and collected rent.

Its not like a normal situation where you can say well it needs new plumbing furnace roof etc... because the seller will say yea but you can rent it out as is ...

Everything seems in good shape from visual inspection, and the previous owner removed unsightly wood panneling, repainted, added new carpet and flooring and upgraded some plumbing.

Long story short, I bought my first multi family, a duplex, and was in the middle of rehabbing it when everything went to hell.I was having major electrical work being done, had a licensed electrician and pulled a permit.Inspector comes in, see's that there is new plumbing and notices my handyman, who is not a licensed plumber, is installing a toilet and some other minor plumbing stuff and shuts us down.Fast forward a few weeks, I meet with the state plumbing inspector and he explains the rules about who can do what with regards to plumbing.

If you have a hot attic and every plumbing penetration and electrical box is allowing air in and out it's very hard to keep the place cool in the summer and warm in the winter.

The Treasury Regulations merely require that you have the intent to hold.

I'm not sure w/ the dodd frank regulations about this now.

I paid $800 to fix an unforeseen plumbing issue.

Well I didn't want that type of use, as it would have gotten away from the Country Inn feel I wanted with the regulations required.

This is specific to this market, each county will have its own rules and regulations.