You get building, plumbing, electrical and mechanical permits all in one go.

Read any of Frank Gallinelli's books and you'll have a very solid understanding of the financial mechanics of real estate investing. 

When I look at a property I discount it based on the HVAC & mechanicals because I prefer to replace them with my own new units after the sale. 

The entire list of plumbing fixes includes:replace tub drain (mechanism toast plus drain was handyman'd out of code)replace water heaterreplace slop sink faucetreplace 2 sink faucetsbring upstairs 1/2 bath vanity drain to code (straight drop and no vent)move gas range feed to original placement in the house (they had it where the fridge should be and the fridge was a huge french door deal where the eat in location should be)re-run gas feed to dryer (utility co capped the line back towards a main joint)That ends up to be way more than I originally thought but it could have been worse.We pulled up the kitchen floor since someone had put el cheapo vinyl faux laminate down (always a bad choice) on top of old linoleum.

I am not mechanically inclines either, so I need to take that into consideration on my purchase.

Newer roof & mechanicals. 

I set up a transactional mechanism for him to stay legal we did that for about a year then he went his own way again.. and again got turned in and he got arrested on a Friday night and put in Jail over the weekend.. it also involved EM deposits that went missing.. so it was more than just selling RE without a license or owing it.. and he was high volume he was selling 2 to 3 a week..

I am a BIG believer in encouraging alternatives to college, like learning to work in the trades, firefighting, auto mechanics, etc. 

Best response mechanism: - Direct calls to my cell phone - 1-800 # with recorded message to capture information

You are not going to have to replace all 20 furnaces at once so you don’t need to have all that money saved.If you want to be precise, maintain a spreadsheet with all the mechanicals, appliances and big items in the properties, with the associated costs and lifetime expectancy.