I remember working for a real estate investment group and they mentioned taking the removed faucets, toilets, fixtures, etc to places that would give you a tax right off.

The tenants daughter was grease frying chicken in an open pan on the stove.

Yes you have 1 roof (maybe), but you still have 2x the tenants and 2x the toilets and all the responsibility for the 3am phone calls....

Now you talk about passive.. no tenants no toilets no heavy lifting.. most of these folks though that have large note portfolios sold their fixed asset to TRULY get passive income.. and get out of the day to day..  

So in my case if all pans out, $120.000 borrowed, would cost me $1230 a month in P+I.

I too have an owners closet where I keep the extra soaps, paper towels, toilet paper, towels, etc.

Even after asking the rent rolls, financials, T12, etc the most info we could get, could fit in single square of toilet paper.

My husband says he trusts me and supports me (knowing that I am the financially savvy one in the family), but he is a quite pessimistic given that he is a police officer and only sees the worst in people (think tenants pouring cement down the toilet, taking the water heater with them when they leave, or landlord/tenant eviction calls).

Now it's off to due diligence period and if everything pan out will be rehabbing in a few weeks.

Your taxes are not correct .. restructure this deal and this may actually Pan out to be a good deal if you could buy it with all  cash and not put 30 grand into it or hope to brrr it .