2 new bathroomsflooring throughoutpainting throughoutNew plumbing, likelylight fixtureswindowslandscapinggarage doorsinterior doors/trimExterior paintingGarage shingles (barely any pitch but still has shingles)Garage slab 1" crash down the middle.Misc framing, drywall repairs, backspalsh, etc.I will update the list as I am sure I am missing a few items and provide more pictures after the renovations are completed.My initial estimate was about 70k in repairs. 

The bank will most likely not give you any money for repairs.

My first experience was with garage door repair.

Plan on looking at all leases, all unit interiors to access any repairs that need to be done or any upgrades your strategy calls for. 

Is there likely a major repair that the seller is trying to hide?

In a perfect world this would work out but you know the minute the tenant has a grievance/gripe and wants you to buy something or repair something that’s unreasonable In cost there is going to be strain and resentment.

Work is pretty basic, mostly wall repair and paint, some hardwood refinishing, installation of new toilet, and vanity, refinishing of a tub and removal of vines from the stucco on the outside of the home.

Percentages vary depending on your strategy but here is generally how I use my excess cash from this portfolio: Say you have extra 1,000 bucks after paying your monthly expenses and putting aside money for reserves: I split it out in the following manner. 1) Additional rainy day fund for CAPEX and repairs. 10% 2) Additional Acquisitions budget 50% 3) Additional Debt paydown 25% 4) Stocks / Bonds/ Pay myself. 15% I definitely prescribe to the pay myself first , and have a more conservative approach when dealing with debt .

Knowing where to start, with a good realtor, is great for when I start picking up the phone.

The asking price was/is 120k and probably needs north of 40k in repairs.