Very simply, your cost basis is $475k (yeah, you'd adjust for closing costs, valid home improvements, etc, but that's probably peanuts unless you did this as a rehab). 

Pricing includes pictures, report of areas that need improvement, and opinion of overall quality.

You should also consider whether you want to sell the improved lot or rent it out as that will have a huge impact on your decision.

Signing good tenants and improving the units What was the outcome?

Repairs and improvements included side porch addition + converting/adding addt’l 400 sq ft from garage to rec space @ $60k.

I've replaced so many of these over the years & it can be an easy job if the pipe runs are accessible or a nightmare if you need to go through walls.The last one was a MF that had a mixture of Galv & 3/8 water Cu lines connected without any catalytic protection so the joints all had severe galvanic corrosion & were leaking.

However, this is not to say that you may not trigger inspections from the county that may require you to make certain improvements.

The cash flow is marginal, it needs improvements to be rent ready, and you would be an inexperienced long distance landlord.

Those who see we have improved the place will be happy to sign.

Am i able to use the equity of my parents house if they do a cash out refi and deposit the funds into a joint checkings account with both our names on it?