Some say it's an insurmountable task for an individual investor, and others suggest it's possible and worth the effort.  

in my simple mind, the worst case is that the global economy collapses (assume worse than '08) so it might be hard to maintain rents at current levels but with no mortgage to cover, the break-even rent has to be fairly low (i.e. the rent needed to cover ALL monthly expenses) and its unlikely we couldn't find someone to rent it at the break-even if needed.  

So I would almost be sure such a remodel would not be possible in most condos (especially without a lot of work and effort with the board, even then probably not).

The online rent collection has saved me a ton of time and effort.”

@Andrew Cummins The risk I was referring to was actually the neighborhood class of the $42k property vs the other two.I've been reading everywhere that banks don't let on something like this $43k house as it's not worth the effort for them.

The online rent collection has saved me a ton of time and effort.”

As we know monetary policies fluctuate depending on global trends.Germany has the lowest ownership rate per capita of all Europe.

Im just wondering if it is feasible, or not worth the effort.  

Building a strong team is step #1 but effort must be exerted maintaining a strong team.  

Whatever he loans you as part of your joint real estate efforts should be a small portion of his retirement funds, not "a good chunk of it".