I don't know if or how laws in MN differ from in TX, but here it's assumed that MF investors are sophisticated, and should rely on their own due diligence for uncovering defects.  

Unless people are always queuing up to rent in that building, perhaps best to use conservative numbers in the first instance to check if the ROI numbers stack up, and then, any improved rents obtainable over time would be icing on the cake, rather than being relied upon from the outset.

In commercial, I rely on experts, engineers not home inspectors, Realtors, attorneys and accountants, all are bonded and insured, if they screw up they can pay for it, it's different than residential but the due diligence is much different too.

For smaller properties (2-4 family), I generally rely on my own contracting background as well as some general observations to get a "feel" for the property condition.  

I think new purchases now need to have some sort of cash flow instead of relying on equity.

If you did a subject-to or a wrap, the existing mortgage would remain in your name and remain on your credit, and you'd be relying on the buyer to make the payments on time, so there is some obvious risk to your credit in that scenario. 

That’s why I stared pressuring him about putting me on the title at least, as i didn’t know if i could only rely on his verbal agreement.

  - As for the rehab estimate: I heavily relied on Jay Scotts book "Estimating Rehab Costs" and used that to figure it out.

Covid has no doubt had a major impact on Airbnb properties in major metros that relied on sports, conferences, etc. to drive occupancy.  

*This post is informational only and is not to be relied upon.