Cutting corners to save time might seem like a good idea, but it can lead to expensive repairs later on.

The house needs a lot of work with repairs and upgrades.

If the continuing maintenance and repairs are more than you can afford and make the property cash-flow negative, I would sell and hope that the repairs I made and the appreciation would earn me some profit.

If the HVAC goes out the warranty will pick up the repair and/or replacement.

Thanks,JaredI'd only pursue this if there is an big upside for appreciation, or if you planned on keeping the house forever as a rental.Run the numbers, subtract 15% a year for vacancy and on going maintenance and repairs during each year, subtract 15% per year for maintenance and repairs to get it market ready once you decide to sell it.Example if you were to keep it for 5 years and sell at the end of five years:12x$200=$2400 year gross profit15% for vacancy, maintenance, repairs ($-360.00 per year)= $2040 gross profit per year15% set aside to repair, repaint, replace to get ready to sell on market = $1800 $7000-$8000 net for 5 years of rental.Appreciation over the term you would keep it would be the only incentive, and it could be a big reason why to rent it.

actual mortgage, actual taxes, actual insurance, actual capex.with that said it will probably be closer to the 50% rule than using teeny tiny percentages for vacancy, repairs, capex, etc.

I actually just sold an older property because there were too many repairs, so I was hoping to find something more hands off as I am an out of state investor. 

Especially if you anticipate making any repairs or value add pieces. 

.- You could also try selling to another naive investor, but you don't have the infrastructure to do so easily. 2) You'll need to evict the tenant if you haven't already.3) Have 2-3 agents tour the property and take videos of their recommendations of repairs.4) Review all of these to create consensus Scope Of Work (SOW). 5) Get 2-4 bids on the SOW6) Review bids to determine cost effectiveness of what to actually do.

Too many people are scared of townhouses and condos, but you are protected against a lot of the repairs of single-family or multi-family ownership.