They are 60+ years old and waiting on a major leg surgery and have various health problems.

In other words, I could potentially buy each unit right now, lease it back to the MDs until their desired retirement date, and then replace them with new tenants.My exit strategy in 3-5 years is to invest some money into cosmetic upgrades to couple of condos and building exterior, put a prominent sign to advertise the tenant businesses, have stable tenants in all condos and then sell the entire building for a profit.To start with, I need to know three things:(1) Does ownership of each condo in the building give me automatic ownership of the building and surrounding areas?

That is a buy that is 80% ARV and takes 3 weeks in painting, flooring and minimal cosmetic updates then great I'm into it, but for those long full gut jobs then I'd definitely want to be closer to 70% if not even 60%.

Once you find a property, you will reach out to the lender and provide them all of the details of the deal and they will tell you if its something they can or cant do.I suggest finding something needing light to moderate cosmetic work for you first flip to make it less risky and easier to get financing.

Purchase price: $135,000 About to close on a 3 family building that needs some cosmetic work.

Pretty much a full cosmetic rehab 

- The first applicant to come along with cash in hand;- Cosmetic cover-up of structural issues;- Half-assed cleanup/fixup effortsETC.

Again, Toledo is a cash flow market, and that's what is attractive to many people that can buy a house for $70k, drop $10k into cosmetic improvements, and still be able to cash flow and attract excellent Residents. 

He talks about fix and flip as a waste of time and money and to go for the cosmetic and just doll it up, sell it to a retail buyer and not really put any work into it and make as much cash as a fix an flip.

The main play I would always recommend is going for a property that could use some cosmetic renovation in order to bump the rents- that is of course how you gain the best roi and build some serious wealth.