Yes you need to budget for it even if you are doing it yourself.Is it near the water?  

But there are plenty of other ones that are reasonable turnarounds (enforce collections, get rid of Park Owned Homes, submeter water, raise rent) that I do see @ 10%.

The tenants are on separate electricity but the owner is paying for the water which is a min. of $120 mo.There is a property across the street for sale for 125k.. he said himself that was too much and mentioned lightly he would sell his for 110k.

It is lucky a roof even lasts for 40 years no matter what the material is...You may also keep an eye on other expensive things like water heater and AC. 

If only one lot is empty, I would check if it is in a flood zone, or if there is storm water easement in the back or side.

The rent from my roommate and the second unit of the duplex cover my mortgage, insurance, taxes, maintenance, cap ex, vacancies, heat, electric, water, and internet!

Very small scale stuff but cool..  

You might also check into the ZIP LETTERS at YellowLetters.com - I think those are very cool and different.  

@Zach Schwarzmiller - that's cool that you also fly out of PAE!  

Question- there is probably a cool, professional way to word it, but I was wondering:  if I wanted to work/partner with a friend of mine who has the funds -but none of the time, knowledge, or contacts to find and manage properties- I would find the properties, find renters, and manage the property, and he would lay out the %25 down payment.