Doing some electrical and plumbing upgrades in the next 2 weeks to get it safe and in good working condition.

But sticking it out and learning a hard knock life way I learned everything from plumbing to electrical to dcr to dti to ltv .

Roof, electrical, plumbing, sewage(is it connected or does it need an on site treatment).

Have cash available to pay for needed work (plumbing, refreshing, etc.).

@Zack KepesThe biggest challenges are the unexpected things you uncover when you open up a wall; illegal or dangerous wiring, plumbing, framing, mold etc.  

Any issues with plumbing, electrical, structural or any other major issues will likely have to be remedied prior to closing. 

With the multi family, the cap ex could be high due to heating units or possible plumbing leaks .

Back in my younger days, I worked in the trades, roofing, siding, carpentry, plumbing, etc.

Repaired the foundation ourselves. new roof, new hvac, lots new plumbing, new everything, added an egress in the basement to make it a 3/3. 1970s house brought to life in 2020, covid not included.

Upon going to the city to get the permit, I went ahead and decided to pull all permits for work being done (things like a 2-door to 1-door garage conversion, with load-bearing wall removed, kitchen wall removal, new pantry created, turning the old pantry into a laundry room with new plumbing and a sink, extending a shower and tub into a 9' shower, and a lot of other stuff, including a lot of electrical changes like a new outlet and new light fixtures).