I've got my flight booked but haven't locked down a room yet.

If you don't know value, how can you tell if you are getting a deal or not.And secondly allow lots of room for unknown repairs, particularly big ticket items like roof, plumbing, hetaing and electrical.

The life expectancy of big ticket items of your complex will play a big role when they have to be replaced.I see owners of brand new buildings sell when they hit year 10 or 11 because the heating and air and water heaters are all about to go out in the next few years.

(all units are 3 bedroom)roof is 15 years oldtenants pay untilitiesheat is electric3 new hot water heatersno other big ticket items to potentially fix just roof and hot water heaters.overall condition is good. section 8 approved all 3 apts with no issuesincome from rent is 26,400taxes are 2100ins. 1400town water/sewer 1600property managed by meassume 5% vacancy 1320assume 5% maintenance 1320income 26400expenses 7740debt service to be determinedas you can see expenses do not come close to the 50% rule. i cant imagine that my hard money terms would cut too deep into the remaining income.

Other big ticket items seem to be in decent shape - HVAC (2007), hot water heater (2011), newer roof but I'm going to verify (doesn't look bad at all, I guess middle of life). 

For example, replacing a broken furnace would be considered a repair, but replacing a dated carpet would be considered an upgrade.If you present a big repair list filled with small ticket items, you do run the risk of annoying your seller.  

If there are larger ticket items that are needed (cabinets, windows, hvac, etc) then I add it on top.

I'd have my father look at big ticket items like water heaters, furnaces, etc and how new they are.One of the concerns I have is, in 2008, this area was flooded (a lot of the city was flooded, causing millions of dollars worth of damages) and this property was one of the ones that was hit by it.

I do have the cash flow (from my day job) if any big ticket items needed to be replaced before fully accrued for. 

$80k for an equity stake of future profits (if he sells) without interest payments sounds like an $80k lottery ticket to me.