There are a number of items that need repair including major fire code violations. 

I am not a CPA, but it also opens up a litany of tax advantages because you can now drive certain of your activities through the LLC as expenses-- mileage and gas, networking lunch/dinner/happy hour, repair costs, the list goes on.

Below are my numbers.Purchase price: 80kDown Payment: 16kClosing costs: 2kAnticipated Rent: $1150ExpensesVacancy: $50 (some might say low, based on my experience, I think this is reasonable)Insurance: $20 (I have a separate umbrella)HOA: $197 (well run association with decent reserves)Repairs/Capex: $100 (I don't have a ton of experience, but I think this would be attainable.

I get to keep a little over 50% of rental income each month after mortgages, bills and repairs.

They tell me it's 5k worth of repairs (I never tell them I am a contractor) I get there it's more like 20K.

This frees up your capital, cash flows the property, because  you don't have to worry about repairs or vacancy. 

Professional electricians, plumbers, HVAC,... are trained to handle repairs and brand new installations, and can be held accountable if they do sub-par work.It's a mental trick. 

This is what I've come up with so farasking price: 129,000down payment: $4,515financed: $124,485taxes approx: 4k yearinterest rate approx 4.6%PMI approx $100Approximate total mortgage $1150/monthMedian Rent in NH and locality of property 1250/monthx2 =2,500/month in rental income approximately $30k/year2500-1150=1350  after mortgage 1350-50%=675/month for vacancies/repairs leaves $675/month cash flow for savings/emergency fund/student loans/ extra mortgage payments, again this is not including the income from my day job.Am i dreaming?

How I would do it is that I would find a hard money lender to help get the financing for the purchase and any of the repairs for the 4plex plus I would get the repairs started on the 5plex/old hotel.

I think it is smart to have a minimum cash flow goal, because anything less than $100 - $200 per door could easily be eaten away by higher-than-expected repairs or utility bills... and then you end up in the negative cash flow zone.