If you are very experienced at rehab and repairs, and can check things like the attic, foundation, crawlspace, electrical panel, HVAC, and plumbing yourself, then spending $500-$1000 for a home inspector to do the same thing doesn't add any value. 

Windows, doors, HW tanks, furnaces, plumbing etc were replaced when absolutely necessary as it was circa 1850's & we could do the work ourselves.It was a great rental & when it was paid off we sold it & made about $35k, & 8 years later we still hold the note.

Electrical, Plumbing, Drywalling, Painting, General Contracting, Legal, etc.

* new electrical* new plumbing* new drainage* relocated furnace in the attic to get more usable sq ft * new kitchen* new vaulted ceilings * converted 1/2 bath to full bath* remodeled floor plan for open concept and better flow* larger master bathroom to have jack & jill* new restrooms What was the outcome?

* new electrical* new plumbing* new drainage* relocated furnace in the attic to get more usable sq ft * new kitchen* new vaulted ceilings * converted 1/2 bath to full bath* remodeled floor plan for open concept and better flow* larger master bathroom to have jack & jill* new restrooms What was the outcome?

You may own the cabinets and fixtures, interior wiring and plumbing, etc.

Some of the biggest and most expensive issues arising with older homes is the electrical and the plumbing.

Try to stay away from new framing, new electrical, plumbing, heating, etc.

I actually have one on the West Side that I've been toying with letting go, just rehabbed it last year: tear-off roof, updated interior, new plumbing/tanks, new front porch, stabilizing block. 

I think if you use the EIDL money to maintain your properties, pay mortgages and utilities if applicable as required and use incoming rents for your other stuff, that you would stand up to an audit.I'm always replacing a roof or HVAC unit here and there, paying for HVAC repairs, plumbing issues beyond a stoppage etc.I also have a house that really needs new windows as a repair to maintain the property.