Typically need to pay monthly or quarterly?

The old stuff looks clean and not dreadful, and is in neutral colors, but isn't that nice (e.g. the cabinets are kind of rickety and the DW/fridge don't really fit all that well into the space made for them, the floors aren't missing pieces, but also are a bit uneven in places).  

Typically what he provides is a letter stating the property has been sold and here are the new instructions to contact for maintenance issues and instructions for payment (also provides a copy of the deed, showing the sale). 

If you want REAL rate of return/cash on cash, look outside of the typical areas.PS, a lot of the areas that are becoming popular/gentrified and hot topics now are just as crime-ridddn as areas that are completely ignored.

Remember bedroom windows must be operable as they are your second point of egress typically, building code required. 

You typically have a draw period of 5-10 years where you can take new advances and then a repayment period where you repay it but cannot make more advances.Another option is to do a cash out refinance.

And that's what I typically see in my local market.

I would make sure the units have modern appliances including dishwashers and modern color schemes.

Worst comes to worse and you have to pay for bid, the typical cost I have see is a few hundred dollars for visit/scope of work.  

It could turn out good or bad.Of course we have a colorful President who is the wild card in all this.