Also another "mechanism" question.Once PM will pick up a rent check written to my LLC or to myself, how can I receive this money?

The big advantage is that all mechanics and pipes like gas meter, water horn, sewer lines and clean out are now outside the finished area and accessible from the unfinished part of the basement.

(school, lot, area, desirability)But when it comes to aesthetics, mechanics, roof these all can be address "affordably" if numbers work.When is comes to structural, or foundation issues.... then it's depends on ###s if you can turn a profit if you fix it.

And if you buying for long term rentals make sure the mechanicals and major components are either new or less than 10 years old .  

I wouldn't be wasting other investors time until you have approval from all lienholders on the property.This is includes bank 1st, bank 2nd (if any), bank 3rd ( rare but happens ), secondary liens of judgments, mechanics liens, back taxes, etc.Once you get everyone to agree you will get the approval letters and a timeline to close in.Sometimes the listing agent has a pre-approved offer from the bank on what they will take based on going through the process before and a buyer didn't stick around for the answer.

You have capex listed, but $1800 per year doesnt seem enough to fund all of the floor replacement, mechanicals, roof, etc.  

There could be 2nd liens on the property as well as mechanic liens, etc.

Do you know the approximate age of mechanicals, roof, appliances included?

I forgot to mention that older properties almost never have sub-metered water and likely are not plumbed with "home runs" from the mechanical room to each unit.   

I'm just wondering about the mechanics of it.