We also do preventative maintenance, make sure gutters are clear, downspout extensions are on propperly, check the roof and flashings, HVAC (filters!)

( That can include large unexpected repairs, for example, like finding out you’ll need a new HVAC system or a new roof, which can cost upwards of $500k plus).In addition, some of the investors who expressed an interest will end up backing out, and having an excess or reserve will help fill in the amount you lost.

Do you use Operating Capital to replace a leaking roof or Busted HVAC? 

Looks like furnace and water heater is good for now, and no description on when the roof was built.Any advice would be appreciated.

I've read the previous posts that warn about purchasing townhomes without HOA because you can't always agree with the other owners about fixing the roof and such, but since I will be purchasing all 4 units does that negate these negatives?

I sent my apologies and discounted the rent by $100 to reimburse him for the materials. 2nd month, the bathroom vanities were leaking....totally legitimate repair request so I sent a plumber to fix them.

But it is hard knowing that I am only looking at cash buying 30-80k houses which prices around that range comes with bad things such bad roofs, boiled, and pipes.Thank you for your responds 

If not, the real risk is flooding from a leak. 

Make sure you are factoring in reserves for roof, appliance, hot water heaters, ect...

It needs a new roof, windows and doors, and all new mechanical.