These folk most likely have deferred maintenance and haven't updated.

I’m looking at a value-add deal that has some deferred maintenance, cosmetic & cap ex items.

I’m looking at a value-add deal that has some deferred maintenance, cosmetic & cap ex items.

I’m looking at a value-add deal that has some deferred maintenance, cosmetic & cap ex items.

You also will receive wonderful tax's benefits from having ownership in a large property if the operator deferred the benefits to their investors. 

Quick question about 1031 exchanges and legal entities: If hold title to a property in my own name and sell the property with a 1031 exchange am I allowed, at any point, to transfer the new investment property into an LLC or will I lose the tax deferment by doing so?

Be sure the operator will defer the taxes to you (because you are a real estate professional you will get a huge tax benefit).

The two requirements to defer all tax are that you purchase at least as much as your net sale (the contract price minus closing costs and commissions) and that you use all of the net proceeds (the net sale minus any mortgage pay off) in the purchase of your replacement properties. 

In the end, the tenant will leave (most likely unhappy due to unrepaired stuff) and you the owner will receive a property back with deferred maintenance.

@Derek Cespedes use this link to discover ozs on a map. https://go.bakertilly.com/contactbtc0618opportunity zones are areas where investors can reinvest capital gains, defer taxes, receive tax incentives and profits on their reinvestment tax free after 10 years.