It was PURE LUCK that somehow I discovered it and it would have cost $73K to clean it all up.The reason you have a partner is not so you can split the profits 50-50.

updated appliances, pulled up linoleum and refinished floors, added electric panels in units, and added instant hot heat/hot water for units Lessons learned?

The home was built in 2018 so the major items on the home A/C, roof, water heater all have more than enough life expectancy left. 11/month HOA, 4,000/month CDD.

@Santhi Mani I probably shouldn’t make assumptions but I’m assuming it’s on town water and sewer.

Are the water pipes in the house large enough, or in good enough shape to handle another bathroom.

So, if you wanted to get all of your cost (rehab and purchase) back from a refi, you can't offer more than $430.The property has good bones like I told you :NO Structural problemNO Foundation Problem I will be redoing all electrical , water/sewage , gas and probably the some thermal Isolation .Brand new kitchen , baths and tiles .Open the Layout to an open concept .So my GC estimated based on his visit on the property that rehab cost would be around 100k to 200k . 

When I purchased the property I knew there was a lot of potential to rent this house on a per room basis but the basement was also very unsafe (small windows, no stove, cooking plates improper fire protection etc) but it did come with some nice features such as a tankless on demand water heater (great for having lots of tenants).

Tenants pay all utilities except water.

If I were to go into the unit the day of closing and the water didn't work and the electrical system didn't work and it did when I did the inspection, would the seller be entitled to my $50K Earnest Money if I backed out of the deal?

I would also be careful that adding those egress windows doesn't create water penetration issues.